CJ - Cryptocurrency Enthusiast
British Columbia in Canada has temporarily halted new energy connection requests from cryptocurrency miners for 18 months in order to achieve the province's economic and climate action goals. In a statement, the province explained that the suspension will allow BC Hydro and the government sufficient time to consult with businesses and First Nations in developing a long-term framework for any future bitcoin mining operations. According to Minister of Energy, Mines, and Low-Carbon Innovation, Josie Osborne, the mining of cryptocurrencies requires a significant amount of power but provides very few jobs for the local economy.
The suspension affects 21 projects that had requested a total of 1,403 MW of power, equivalent to the energy used by 2.1 million electric cars or approximately 570,000 houses in the province per year. However, active bitcoin mining operations and projects that are further along in the connection process with BC Hydro will not be affected by this decision.
Despite the temporary suspension of new electricity connection requests for 18 months, it's important to note that Bitcoin and other cryptocurrencies are believed to stay. The blockchain technology that underpins these crypto assets is considered to be a disruptive force that will change the way we store and transfer value. The crypto market investment has seen unprecedented growth and adoption in recent years, and many experts believe that this trend will continue in the future. This decision made by British Columbia may slow down the growth of the crypto mining industry in the short term, but it is unlikely to have a significant impact on the overall crypto market in the long run.
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