To ensure a supply of clean electricity, the B.C. government is pausing new electricity-connection requests from cryptocurrency mining operations for the next 18 months.
Provincial officials said this will make sure there is enough supply to help with their climate action projects and economic goals.
“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.”
New applicants will be denied and projects in early development will be halted.
There are currently 21 projects being denied that were requesting a total of 1,403 megawatts.
That’s the equivalent of the energy needed to power approximately 570,000 homes or 2.1 million electric vehicles per year.
Projects that are already operational and a small number of projects that are well advanced in the connection process will be allowed to continue.
This would include facilities such as Iris Energy in Canal Flats.