British Columbia Suspends Bitcoin Mining Requests Due to Environmental Concerns
The provincial government of British Columbia, Canada has enacted an 18-month freeze on setting up any new Bitcoin mining operations.
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TRADE NOWThe pause will give the government time to assess whether the mining industry is having an impact on its economic and environmental goals.
- According to CBC News, 21 applications for new mining operations in the province have now been suspended. Collectively, they would have consumed 1.403 megawatts of energy, equal to that of 503,000 homes, or 2.1 million electric vehicles.
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“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 in a written statement.
- The province did not provide information on how many miners it currently houses. Cambridge’s Bitcoin Electricity Consumption Index estimates that Canada collectively accounts for 6.48% of the global hash rate.
- Iris Energy – a sustainability-focused Bitcoin miner – is known to operate one of its data centers out of British Columbia. However, the 2022 bear market has forced the company into deep financial trouble, alongside other industry giants.
- Despite a high green energy mix across the sector, mining is often scrutinized for contributing to environmental harm through intense energy consumption. New York state enacted a similar freeze on permit renewals for carbon-producing mining operations in June.
- The European Union tabled an outright ban on proof of work mining operations in March, but it was ultimately turned down.
- Canada’s leadership is currently torn on cryptocurrencies. Its Prime Minister Justin Trudeau is generally against the technology, while his conservative rival Pierre Poilievre is largely in favor of Bitcoin.
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