A state-owned electrical utility supplier within the Canadian province of British Columbia is ready to halt all new electricity-connection requests from cryptocurrency miners for a interval of 18 months.
The British Columbia authorities made the announcement in a assertion on Dec. 21 stating that the pause will enable the federal government and BC Hydro to develop a everlasting framework that may higher steadiness the wants of crypto miners and each its residents and companies within the area.
Josie Osborne, Minister of Vitality, Mines and Low Carbon Innovation mentioned that the transfer was made to protect the clear vitality it supplies for its residents and companies that create jobs and are extra environmentally pleasant.
“Cryptocurrency mining consumes large quantities of electrical energy to run and funky banks of high-powered computer systems 24/7/365, whereas creating only a few jobs within the native financial system.”
In the mean time, BC Hydro supplies service to seven crypto-mining operations. Six extra are within the superior phases of connection to the system, totaling 273 megawatts — these will not be anticipated to be impacted.
Nevertheless, new cryptocurrency mining initiatives will be unable to provoke the method of reference to BC Hydro, and initiatives on the early phases of the connection course of may also be halted, it mentioned, including that there are 21 cryptocurrency mining initiatives which can be presently requesting a complete of 1,403 megawatts of electrical energy.
The Ministry famous that that is equal to the vitality wanted to energy roughly 570,000 properties or 2.1 million electrical autos per 12 months within the province.
Associated: BTC vitality use jumps 41% in 12 months, growing regulatory danger
The British Columbia hydro and energy authority launched a report in Dec. 2022 titled Crypto conundrum, the place it warned that an “unprecedented stage” of requests for cryptocurrency mining operations may probably pressure the obtainable vitality provide and result in increased electrical energy charges for residents of B.C. It famous:
“BC Hydro’s obtainable vitality may very well be challenged by cryptocurrency mining operations, which may imply much less vitality for greener pursuits reminiscent of electrification or hydrogen manufacturing, and better electrical energy charges for British Columbians.”
Statista reported that in early 2022, Bitcoin’s annualized electrical energy consumption reached a report excessive, estimated to be increased than Finland’s whole energy consumption, at an estimated “204.5 TWh per 12 months.”
New York not too long ago imposed a moratorium on proof-of-work (PoW) mining, turning into the primary US state to take action, prohibiting any new mining operations that aren’t based mostly on 100% renewable vitality.
