The Canadian province of British Columbia has suspended electricity connection requests from cryptocurrency miners.
To support the province's climate action and economic goals the suspension will last for 18 months in the hope of easing power constraints.
By pausing new requests, the province hopes its main electricity distributor BC Hydro will have more time to establish a permanent regulatory framework for cryptocurrency mining by engaging with the local industry.
The restrictions will also help to support British Columbia’s campaign CleanBC, the government’s plan to lower climate-changing emissions by 40% by 2030.
The plan encourages several local industries to pursue cleaner operations and reduce carbon emissions.
Crypto mining consumes massive amounts of electricity while creating very few jobs in the local economy”, said British Columbia’s energy minister Josie Osborne.
The British Columbia Ministry of Energy, Mines and Low Carbon Innovation stated that a total of 1,403 megawatts have been requested by 21 crypto miners, an amount that can power around 570,000 homes per year.
Earlier this year, crypto miners in Texas suspended all operations amid a heatwave to prevent excessive power demands on the state’s electrical grid.
Many crypto companies know the detriment of crypto minting and the negative impact it has on the environment.
Moving to a more sustainable proof of stake (PoS) mechanism helps to protect the environment with greener crypto transactions and solve the blockchain’s scalability issues.
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