Canada’s western province, BC, will block new cryptocurrency miners

British Columbia, Canada, will deny electrical power to new crypto mining companies, according to a press release published by the provincial federal government on Dec. 21. BC Hydro, a government-owned company,

and the province’s only electrical power service, will be responsible for denying services to those applicants.Energy minister Josie Osborne slammed the practice of mining, stating:”Cryptocurrency mining takes in huge quantities of electrical power to run and cool banks of high-powered computers 24/7/365, while creating extremely couple of jobs in the regional economy. “Osborne included that the choice would conserve electricity for other uses. Particularly, the policy will help provide energy to people adopting electric automobiles and heat pumps and services producing economic opportunities or undertaking a green mission.The policy will be momentarily in result for the next 18 months. It will impact crypto mining business that have actually not yet looked for an electrical connection and those in the early stages

of the connection process. The policy will not affect crypto mining companies presently in operation.Today’s news release mentioned that there are presently 21 cryptocurrency mining jobs requesting 1,403-megawatt hours that the new policy will affect. The province called that number “extraordinary”and compared it to the quantity of energy used by 570,000 families or 2.1 million electric lorries in one year.The seven cryptocurrency mining companies currently functional within B.C. utilize significantly less energy– simply 273 megawatt hours.Other provinces in Canada have taken similar actions. Quebec, Canada’s francophone province, has intermittently imposed and lifted power restrictions on crypto mining given that 2018. On Dec. 8, 2022, Quebec asked regulators to allocate power away from crypto companies once again. As in B.C., Quebec’s policy targets only brand-new applicants.Manitoba, situated in central Canada, also announced an 18-month pause on energy connection applications from brand-new crypto miners in November of this year.Posted In: Canada, Mining Recent Mining Stories The centralization of Bitcoin: Behind the 2 mining pools controlling 51%of the worldwide hash rate Andjela Radmilac · 3 days ago · 4 min checked out Bitcoin Mining farm Bitfarms co-founder and CEO Emiliano Grodzki resigns Soumen Datta · 6 days back · 1 minutes checked out Argo shares skyrocket following $ 65M sale of mining facility to Galaxy digital Oluwapelumi Adejumo · 1 week back · 2 min checked out Disclaimer: Our authors’ viewpoints are solely their own and do not reflect the opinion of CryptoSlate. None of the details you read on CryptoSlate must be taken as financial investment recommendations, nor does CryptoSlate back any task that might be pointed out or connected to in this article. Buying and trading cryptocurrencies ought to be thought about a high-risk activity. Please do your own due diligence before taking any action related to material within this article. Finally, CryptoSlate takes no obligation must you lose cash trading cryptocurrencies.