Province to suspend power requests from cryptocurrency operations in B.C. through 2024
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VICTORIA — The B.C. government announced Wednesday that B.C. Hydro will suspend electricity-connection requests from cryptocurrency mining operations for 18 months in an effort to preserve British Columbia’s supply of clean electricity and support ongoing climate action and economic goals.
In a news release Wednesday morning (Dec. 21), the temporary suspension will preserve B.C.’s electricity supply, while giving government and B.C. Hydro sufficient time to engage with industry and First Nations, and develop a permanent framework for any future cryptocurrency mining operations.
“Cryptocurrency mining consumes massive amounts of electricity to run and cool banks of high-powered computers 24/7/365, while creating very few jobs in the local economy,” said Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation. “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.”
B.C.’s clean, affordable electricity has attracted unprecedented interest from cryptocurrency miners. Currently, 21 projects are requesting a total of 1,403 megawatts that will be temporarily suspended. That is equivalent to the energy needed to power approximately 570,000 homes, or 2.1 million electric vehicles, per year in B.C.
