British Columbia cracks down on crypto miners, citing energy consumption

VICTORIA, BRITISH COLUMBIA: The Canadian government of British Columbia is advancing measures to regulate electricity consumption by cryptocurrency miners due to concerns about high energy use and limited economic benefits. Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation, stated that the province is addressing the high energy consumption associated with cryptocurrency mining in the region, which, she noted, generates minimal job and economic opportunities.

According to the ministry, the legislative amendment would allow the government to prohibit or regulate the use of electricity by cryptocurrency miners. This is because the sector’s “unchecked growth” may make it expensive to supply electricity to homes and companies. The province announced in December 2022 that new electricity connections for cryptocurrency mining would be suspended for 18 months.

Indeed, approximately twenty-one projects, which had collectively requested 11,700 gigawatt hours of power annually, were temporarily halted. According to a local article, Minister Osborne stated that the province is collaborating with British Colombia Hydro, the provincial power utility, to secure adequate electricity for the province’s future.