Key Notes
- British Columbia is out to prioritize industries that drive jobs and public revenue in its region.
- It intends to permanently ban new crypto mining operations.
- France has developed a 5-year Bitcoin mining plan to manage surplus electricity.
In a bid to manage electricity demand, the Canadian province of British Columbia has hinted at a permanent ban on new crypto mining projects.
Ultimately, the goal is to protect power supplies for industries, particularly those that drive jobs and public revenue.
High Electricity Demand From Crypto Mining
Canada’s third-most populous province, British Columbia, is planning to place a permanent ban on new cryptocurrency mining operations. This move will impact only those connected to its electricity grid.
The province is taking this step to protect power supplies for industries that drive jobs and public revenue in its region.
This is part of a broader overhaul and regulatory amendment in British Columbia with the hope of driving investment in major projects that will grow the economy.
Data centers and artificial intelligence (AI) companies are also affected by the move, as there are new limits placed on their electricity use.
“This legislation will help us move faster on the North Coast Transmission Line, a nation-building project that will deliver clean electricity to responsibly power industrial growth and job creation to increase prosperity for families, communities, our province and our country,” the British Columbia government noted.
British Columbia is certain that these restrictions will go a long way in preventing grid strain while ensuring that industrial development is powered by clean electricity.
Crypto Mining Conditions Across the World
Generally, the crypto mining industry is one with high electricity demand, even across several countries.
In July, Iranian officials reported that crypto mining operations were consuming the equivalent power of two nuclear reactors.
At this rate, they were contributing significantly to nationwide electricity shortages during record summer heat.
The country was recording as much as 15-20% of the power deficit. The authorities seized over 240,000 mining devices and offered rewards up to $2,300 for reporting illegal operations.
France is tackling its electricity surplus by turning to Bitcoin
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mining. The government plans a 5-year initiative to use excess power for crypto production. This move could generate up to $150 million while reducing wasted energy during low grid demand periods.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
