A state-owned electrical utility supplier within the Canadian province of British Columbia is about 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 statement on Dec. 21 stating that the pause will permit the federal government and BC Hydro to develop a everlasting framework that may higher stability the wants of crypto miners and each its residents and companies within the area.

Josie Osborne, Minister of Power, Mines and Low Carbon Innovation stated that the transfer was made to protect the clear vitality it offers for its residents and companies that create jobs and are extra environmentally pleasant.

“Cryptocurrency mining consumes huge 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.”

For the time being, BC Hydro offers service to seven crypto-mining operations. Six extra are within the superior phases of connection to the system, totaling 273 megawatts — these should not anticipated to be impacted.

Nevertheless, new cryptocurrency mining tasks will be unable to provoke the method of reference to BC Hydro, and tasks on the early phases of the connection course of may even be halted, it stated, including that there are 21 cryptocurrency mining tasks which might 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 yr within the province.

BTC vitality use jumps 41% in 12 months, growing regulatory threat

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 accessible vitality provide and result in larger electrical energy charges for residents of B.C. It famous:

“BC Hydro’s accessible vitality might 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 file excessive, estimated to be larger than Finland’s complete energy consumption, at an estimated “204.5 TWh per yr.”

New York just lately imposed a moratorium on proof-of-work (PoW) mining, changing into the primary US state to take action, prohibiting any new mining operations that aren’t primarily based on 100% renewable vitality.