In the Canadian province of British Columbia, a ban on cryptocurrency mining has been upheld. Conifex, a company engaged in #cryptocurrency #mining in British Columbia, faced an 18-month mining ban imposed by the energy company BC Hydro.
Decision on the moratorium deemed reasonable
BC Hydro, the energy company of British Columbia, implemented a moratorium on cryptocurrency mining, which has now been deemed justified by a provincial high court judge. Conifex Timber, originally a forestry company expanding its operations into cryptocurrency mining, had plans to collaborate with the Tsay Keh Dene Nation Indigenous tribe.
Reasons behind the ban
Judge Michael Tammen, in his decision, stated that the moratorium introduced in December 2022 was reasonable, non-discriminatory, and in accordance with the regulations of the Utilities Commission Act. According to the judge, the ban reflected the high energy demands associated with cryptocurrency mining and aimed to ensure energy availability for the majority of the population.
Energy intensity of cryptocurrency mining
The judge emphasized that cryptocurrency mining facilities require significant amounts of energy, which would significantly exceed BC Hydro's capacities if all requirements for 2023 were met.
Conifex's perspective
Conifex considers the ongoing ban a missed opportunity for the province. The company argues that the government is missing opportunities to improve the affordability of energy, accelerate technological development, enhance the reliability and resilience of the energy grid, and support inclusive economic growth, as expressed in their press release.
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