Bitcoin mining: Canadian regulations prohibit the installation of new crypto miners

Tension on energy resources – The sector of mining of cryptocurrency and more particularly of bitcoins is currently evolving on a line of Crete dangerous. On the one hand the price ofenergy which explodes and on the other that of Bitcoin which plunges, all under the accusing eyes of the ecologists around the world who think, often wrongly, that crypto mining is a waste unnecessary energy resources. In this largely unfavorable context, some professionals put the key under the door while others hunker down waiting for better days. West of Canada in any case, there will be no more new projects before the summer 2024.

Green energy use in question in British Columbia

It is the Ministry of Energy, Mines and Low Carbon Innovation which has just announced the news on its site Internet. To justify this decisionthe Canadian executive advances the following argument:

“Cryptocurrency mining consumes huge amounts of electricity to run and cool banks of powerful computers 24/7/365. All while creating very few jobs in the local economy. »

Remember that in this region, most of the energy is hydroelectric, that is, obtained with the help of dams distributed throughout the province. And this energy has the particularity of being good market and above all to be stamped green »because absolutely not emitting carbon. So she has everything naturally attracted industrialists from the sector of crypto mining. But to achieve the goals bioclimatic of the British Columbia, there is talk of a new politico-economic framework for this activity. And that starts with the suspension of all new projects for 18 months.

British Columbia suspends all new cryptocurrency mining projects for 18 months.  Bitcoin and green energy went hand in hand!
Canadian mining faces complex issues

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All future mining projects suspended for 18 months

Currently, the six units already in production and seven which are at too advanced a stage to be suspended may continue to be supplied by BC Hydro. The State company in charge of energy, on the other hand, suspends its collaboration with the 21 projects in progress who were about to consume the energy equivalent of 500,000 households ». And it is precisely this proliferation of requests that is at the origin of the decision to Josie Osborne, the minister in question. She clarifies her thoughts in the document made public:

“We are suspending electrical connection requests from cryptocurrency mining operators to preserve our electricity supply for people switching to electric vehicles and heat pumps, as well as businesses and industries undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities. »

The competition is therefore harsh on the use of resources energy green in the Province and the mining will come after all the others. We are now waiting to know what will come out of the interviews between the provincial government and the First Nations – Indigenous Peoples – regarding the end of the period of suspension. Finally, let us specify that the British Columbia is far from being the only one to have legislated in this direction since the Manitobacentral province of the country and the Quebec, already made the same kind of decision earlier in the year.

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