The BC government will block all connection requests from cryptocurrency mining operations to BC Hydro for 18 months..Facing a massive demand for electricity, the province says the suspension will preserve its energy supply while giving BC Hydro sufficient time to develop a permanent framework for future cryptocurrency mining operations..Minister of Energy, Mines, and Low Carbon Innovation Josie Osborne said the operations create minimal jobs in the local economy while consuming massive amounts of electricity..“We are suspending electricity connection requests 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,” Osborne said Wednesday.The province says it’s received an “unprecedented” amount of interest from cryptocurrency miners, and currently 21 projects requesting a total of 1,403 megawatts will be axed. That’s roughly the amount of energy needed to power 570,000 homes per year, according to the ministry..“If these connections were to continue unchecked, much of BC Hydro’s available energy to use strategically in support of BC’s CleanBC goals could be eroded by cryptocurrency mining projects, with little remaining to electrify projects that have greater jobs, economic development, and greenhouse gas reduction benefits,” reads a statement from the ministry..While those who’ve not yet connected to the grid — or are in the early stages of connection — will be blocked, existing cryptocurrency miners and those well advanced in the connection process will not be affected..BC Hydro currently provides service to seven cryptocurrency mining operations, with six more in advanced stages of connection to the system..Similarly, Manitoba suspended new connections to the grid for cryptocurrency mining in November while it conducts a review..Hydro-Québec also enforced a previous suspension and has since implemented a new framework for cryptocurrency service that includes higher rates and a cap on the amount of electricity available for cryptocurrency mining.
The BC government will block all connection requests from cryptocurrency mining operations to BC Hydro for 18 months..Facing a massive demand for electricity, the province says the suspension will preserve its energy supply while giving BC Hydro sufficient time to develop a permanent framework for future cryptocurrency mining operations..Minister of Energy, Mines, and Low Carbon Innovation Josie Osborne said the operations create minimal jobs in the local economy while consuming massive amounts of electricity..“We are suspending electricity connection requests 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,” Osborne said Wednesday.The province says it’s received an “unprecedented” amount of interest from cryptocurrency miners, and currently 21 projects requesting a total of 1,403 megawatts will be axed. That’s roughly the amount of energy needed to power 570,000 homes per year, according to the ministry..“If these connections were to continue unchecked, much of BC Hydro’s available energy to use strategically in support of BC’s CleanBC goals could be eroded by cryptocurrency mining projects, with little remaining to electrify projects that have greater jobs, economic development, and greenhouse gas reduction benefits,” reads a statement from the ministry..While those who’ve not yet connected to the grid — or are in the early stages of connection — will be blocked, existing cryptocurrency miners and those well advanced in the connection process will not be affected..BC Hydro currently provides service to seven cryptocurrency mining operations, with six more in advanced stages of connection to the system..Similarly, Manitoba suspended new connections to the grid for cryptocurrency mining in November while it conducts a review..Hydro-Québec also enforced a previous suspension and has since implemented a new framework for cryptocurrency service that includes higher rates and a cap on the amount of electricity available for cryptocurrency mining.
