Canadian Province British Columbia directs BC Hydro to suspend electricity-connection requests from cryptocurrency mining operations in order to preserve British Columbia’s supply of clean electricity. The suspension is expected to stay for 18 months to support the Province’s climate action and economic goals.
The government expects that the temporary suspension will preserve B.C.’s electricity supply and help them buy out sufficient time to engage with industry and First Nations. B.C. Government aims to develop a permanent framework for any future cryptocurrency mining operations.
BC Hydro provides service to 7 cryptocurrency mining operations, with 6 more in advanced stages of connection to the system, totalling 273 megawatts.
B.C.’s clean, affordable electricity has attracted an unprecedented level of interest from cryptocurrency miners. There are currently 21 projects requesting 1,403 megawatts that will be temporarily suspended. This energy is enough to power approximately 570,000 homes, or 2.1 million electric vehicles, per year in B.C.
The Province has directed the B.C. Utilities Commission to accept BC Hydro’s application for a temporary release from of its obligations to provide service to new cryptocurrency mining projects for 18 months while the government develops a permanent framework in order to protect B.C.’s clean and affordable electricity.
Osborne said, “We are suspending electricity connection requests from cryptocurrency mining operators to preserve our electricity supply for people who are switching to electric vehicles and heat pumps, and for businesses and industries that are undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities.”
Both new cryptocurrency mining projects and those in the early phases of the connection procedure with BC Hydro will be halted. Existing cryptocurrency mining projects that are operational and a few projects that are well advanced in BC Hydro’s connection process will not be affected.
