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 an announcement on Dec. 21 stating that the pause will permit 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 Energy, Mines and Low Carbon Innovation stated that the transfer was made to protect the clear power it gives for its residents and companies that create jobs and are extra environmentally pleasant.
“Cryptocurrency mining consumes massive amounts of electricity to run and cool banks of high-powered computers 24/7/365, while creating very few jobs in the local economy.”
At the second, BC Hydro gives 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.
However, new cryptocurrency mining initiatives won’t be able 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 stated, including that there are 21 cryptocurrency mining initiatives which can be at the moment requesting a complete of 1,403 megawatts of electrical energy.
The Ministry famous that that is equal to the power wanted to power roughly 570,000 properties or 2.1 million electrical automobiles per yr within the province.
Related: BTC power use jumps 41% in 12 months, rising regulatory danger
The British Columbia hydro and power authority launched a report in Dec. 2022 titled Crypto conundrum, the place it warned that an “unprecedented level” of requests for cryptocurrency mining operations may probably pressure the out there power provide and lead to greater electrical energy charges for residents of B.C. It famous:
“BC Hydro’s available energy could be challenged by cryptocurrency mining operations, which could mean less energy for greener pursuits such as electrification or hydrogen production, and higher electricity rates for British Columbians.”
Statista reported that in early 2022, Bitcoin’s annualized electrical energy consumption reached a file excessive, estimated to be greater than Finland’s whole power consumption, at an estimated “204.5 TWh per year.”
New York just lately imposed a moratorium on proof-of-work (PoW) mining, turning into the primary US state to achieve this, prohibiting any new mining operations that aren’t based mostly on 100% renewable power.