A court in British Columbia has confirmed B.C.
Hydro’s ban on crypto mining projects. This decision will have significant
effects on both the energy sector and the growing crypto industry.
Justice Michael Tammen deemed B.C. Hydro’s 18-month
moratorium on crypto mining projects is reasonable and within legal bounds. The
moratorium, implemented in December 2022, was challenged by Conifex Timber, a
forestry company venturing into crypto mining in partnership with the Tsay Keh
Dene Nation, an indigenous tribe.
The court ruling emphasized that B.C. Hydro’s ban
was grounded on a cost-of-service basis, addressing the substantial energy
demands associated with cryptocurrency mining, Coindesk reported. The ban aims
to maintain affordable energy access for the wider population and prevent
excessive strain on the power grid.
According to the court documents, Justice Tammen
highlighted the unique electricity consumption characteristics of
cryptocurrency mining centers. The staggering amount of megawatt hours required
by these operations in 2023 exceeded B.C. Hydro’s projections justify the need
for regulation.
While the court ruling favored B.C., Hydro’s stance,
Conifex Timber expressed disappointment, seeing the ban as a missed opportunity
for the province. Conifex believes that lifting the ban could enhance energy
affordability, drive technological innovation, and foster more inclusive
economic growth.
A court in British Columbia has confirmed B.C.
Hydro’s ban on crypto mining projects. This decision will have significant
effects on both the energy sector and the growing crypto industry.
Justice Michael Tammen deemed B.C. Hydro’s 18-month
moratorium on crypto mining projects is reasonable and within legal bounds. The
moratorium, implemented in December 2022, was challenged by Conifex Timber, a
forestry company venturing into crypto mining in partnership with the Tsay Keh
Dene Nation, an indigenous tribe.
The court ruling emphasized that B.C. Hydro’s ban
was grounded on a cost-of-service basis, addressing the substantial energy
demands associated with cryptocurrency mining, Coindesk reported. The ban aims
to maintain affordable energy access for the wider population and…
