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. 

Bitcoin live price
Btc
Bitcoin
$16.852,93
price
0.04311%
price change
TRADE NOW

The 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. 

  • “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. 

Comments

Post a Comment

Popular posts from this blog

Tron rising as Rebel Satoshi’s Early Bird presale phase sells out

Rebel Satoshi presale ongoing.  Supporters bullish on RBLZ  TRON could soar to $0.2 in 2024. Tron (TRX) is on a tear, but some analysts are still skeptical. Amid this, Rebel Satoshi (RBLZ), a new crypto project, has caught the attention of investors. Rebel Satoshi draws investors Rebel Satoshi has been attracting investors with its unique blend of a meme coin and a movement focused on reshaping the crypto landscape.  As investors seek alternatives to underperforming assets, they are drawn to Rebel Satoshi’s narrative and Features . At the heart of Rebel Satoshi lies RBLZ, a governance and membership token. You might also like: Analysts focus on Rebel Satoshi, Shiba Inu, and Zcash ahead of crypto bull run Holding RBLZ grants a stake in the movement and provides access to quests, rewards, and a community dedicated to shaping a fully decentralized crypto future. The early stages of Rebel Satoshi’s public presale have seen over 10 million tokens sold within just 48 ho
Read more

Rebase Tokens: What Are They & How Do They Work?

Image
If you're interested in cryptocurrency, you've probably noticed that the price of many digital assets can be highly volatile. This can make it challenging to use cryptocurrency as a means of exchange or as a store of value. Rebase tokens, also known as elastic tokens, seek to offer a solution to this problem.  In this article, we'll explore what rebase tokens are, how they work, and whether or not they might be a good investment for you.  What Are Rebase/Elastic Tokens? Rebase tokens are a type of cryptocurrency that adjusts their supply to maintain price stability. This is in contrast to traditional cryptocurrencies, which have a fixed supply determined at the time of their creation. Rebase tokens achieve price stability through a process known as a "rebase," which is triggered at regular intervals (e.g., every 24 hours). During a rebase, the supply of the token is adjusted based on a predetermined formula.  For example, if the demand for a re
Read more

Lloyds Bank issues urgent warning of crypto scams in the UK

Image
A recent press release issued by Britain’s Lloyds Bank shares that crypto scams that have surged 23% over the course of the year. Young investors between the ages of 25 and 34 years old are said to be the most prevalent target for these attacks. Social media home base The press release goes on to report victims of crypto investment scams are facing an average loss of £10,741, marking an increase from the previous year’s £7,010.  Additional data goes on to state that 66% of all investment scams originate on social media platforms, with Instagram and Facebook emerging as the primary sources. You might also like: Kraken helps UK police in recovering $2m in stolen crypto Crypto investors were then said to make an average of three payments before realizing they were involved in a scam, meaning that it would often take 100 days from the date of the first transaction before a report was issued to the bank. Unfortunately, by the time it was, Lloyds shares that the money is ty
Read more