Cryptocurrency

Hydro

In a significant development for the cryptocurrency industry in British Columbia, Conifex Timber Inc., a company that expanded into cryptocurrency mining, faced a setback as the BC Supreme Court dismissed its attempt to compel BC Hydro to supply the extensive <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> required for its mining operations. This decision upholds the provincial government's interim policy, initiated in December 2022, which halts new power connections for <a href="https://ultramining.com/news/en/cryptocurrency-miners-strike-gold-with-record-13-9b-net-profit/">cryptocurrency miners</a> for 18 months, according to <a href="https://bc.ctvnews.ca/crypto-mining-company-loses-bid-to-force-bc-hydro-to-provide-power-1.6756991">CTVnews</a>. 
Justice Michael Tammen, presiding over the case, deemed the government's temporary halt as "reasonable" and not excessively discriminatory. This ruling comes amid growing concerns over the enormous electricity consumption by cryptocurrency mining operations. BC Hydro's CEO, Christopher O'Riley, revealed in court documents that the proposed <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/">data centers</a> by Conifex would have utilized 2.5 million megawatt-hours annually—enough to power over half a million apartments. 
The pause in new connections was a government response to the burgeoning demand from the crypto mining sector, which poses challenges to the province's clean energy goals and puts additional pressure on BC Hydro's capacity to meet other electrification initiatives. The report highlighted that the energy used in bitcoin mining could power a small nation and pointed to international precedents where countries and states have imposed moratoriums on such energy-intensive operations. 
Despite the court's decision, Conifex expressed its disappointment and is considering an appeal, arguing that the government is overlooking potential benefits such as enhanced energy affordability, technological innovation, and more inclusive economic growth. 
This ruling underscores the tension between the burgeoning cryptocurrency <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a> and the sustainable energy policies of regions <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">hosting</a> these operations. As BC navigates its clean energy future, the balance between innovation and sustainability remains a pivotal concern.

Cryptocurrency Firm’s Power Bid Denied by BC Supreme Court

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