British Columbia Government Takes Steps to Regulate Cryptocurrency Mining Energy Consumption
The Canadian province of British Columbia is taking steps to regulate electricity consumption by cryptocurrency miners, citing concerns about high energy use and limited economic benefits. Minister of Energy, Mines and Low Carbon Innovation, Josie Osborne, announced on April 11 that the government is addressing the energy-intensive nature of cryptocurrency mining, which she says provides minimal job opportunities.
The proposed legislative amendment would give the government the authority to restrict or regulate the electricity usage of cryptocurrency miners, as the sector’s rapid growth could strain the province’s electricity supply. In December 2022, British Columbia announced a suspension of new electricity connections for cryptocurrency mining for 18 months, affecting twenty-one projects requesting a total of 11,700 gigawatt hours of power annually.
Minister Osborne emphasized the importance of securing adequate electricity for the province’s future, particularly for initiatives that create more local jobs and economic opportunities. British Columbia became the third Canadian jurisdiction, following Quebec and Manitoba, to impose restrictions on cryptocurrency mining in an effort to prioritize electricity for sustainable projects like electric vehicles and heat pumps.
Despite being the fourth largest electricity producer in Canada, British Columbia faces challenges in maintaining power generation reliability, according to a report by the North American Electric Reliability Corporation. The province is looking to reallocate its energy resources to more sustainable and economically beneficial sectors, similar to efforts seen in other countries like Iceland, where renewable energy is being redirected from crypto mining to agricultural development.
As the global shift away from energy-intensive cryptocurrency mining continues, British Columbia is positioning itself to prioritize environmentally friendly and economically viable energy initiatives. Stay updated on this developing story by following us on Google News.
