British Columbia Disapprove New Crypto Mining Request

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This seems not to be a good time for crypto miners who intend to spread their tentacles to British Columbia (B.C) as the region has decided against accepting new crypto mining energy requests.

According to Josie Osborne, the Minister of Energy, Mines, and Low Carbon Innovation, the British Columbia provincial government has temporarily suspended new requests for the power needed for Bitcoin (BTC) mining for the next 18 months.

The Canadian Province is trying to ascertain the effect of crypto mining operations on the power grid and how it affects the environment as well as the economy. 

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“Cryptocurrency mining consumes massive amounts of energy to run and cool banks of high-powered computers 24/7/365,” Osborne said, “We are suspending electricity connection request from cryptocurrency mining operators to preserve our electricity supply for people who are switching to electric vehicles and heat pumps, and for businesses and industries that are undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities.”

British Columbia to Support Climate-Friendly Projects

B.C is looking for how to conserve its electricity which is most through generated from hydroelectricity. The government plans to make this electricity available to companies that are more aligned with the province’s climate goal.

As it stands, there are seven mining projects operating in the British Columbia region. Of these seven, six projects that are already in their advanced stages will not be affected by the new moratorium in any way.

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Consequently, the BC’s pending 21 mining request has been suspended. As per a statement by Osborne, these mining projects will require up to 1,403 megawatts of power, a far cry from the 273 megawatts that the current mining operations in British Columbia utilize. On average, the amount of electricity will be enough to power more than 500,000 homes or 2.1 million electric vehicles, per year.

Markedly, the government plans to use the time to work with the First Nation to come up with a crypto-mining policy framework. 

Similarly, Kathy Hochul, New York Governor has signed a bill that prohibits mining operations in New York for the next two years.

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