British Columbia Restricts Crypto Mining To Preserve Electricity

• British Columbia has imposed restrictions on crypto mining, prohibiting new connections to its power grid for 18 months.
• This follows similar restrictions imposed by utilities in Quebec and Manitoba, due to high demand for electricity.
• British Columbia wants to save electricity for electric vehicles, heat pumps, and businesses that are undertaking electrification projects.

The Province of British Columbia has recently joined Quebec and Manitoba in imposing restrictions on the crypto mining industry. In an effort to ensure that electricity is preserved for more important uses, the province has banned new connections to its power grid for an 18 month period.

The decision was announced on Wednesday by British Columbia’s minister of energy, mines and low carbon innovation, Josie Osborne. In her statement on the government’s website, she explained the need for such action: “We need to preserve electricity for 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.”

Currently, 21 projects are requesting a total of 1,403 megawatts (MW) in the province. This amount of electricity is enough to power approximately 570,000 homes, or 2.1 million electric vehicles. By denying these requests, the province is making sure that the electricity is used for more important purposes.

The decision to restrict crypto mining follows similar restrictions imposed by utilities in Quebec and Manitoba. These provinces have both determined that the high demand for power is too great of a risk and has decided to limit the amount of electricity being used by the crypto mining industry.

British Columbia is taking a proactive stance in ensuring that electricity is used for more important purposes. Hopefully, this will lead to a significant reduction in carbon emissions and create much needed economic opportunities.