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A court in the Canadian province of British Columbia has upheld an 18-month moratorium on crypto mining imposed by the provincial utility BC Hydro. A crypto mining company called Conifex had challenged the moratorium by BC Hydro and filed a lawsuit. However, the court ruled that BC Hydro’s moratorium was reasonable and fell within the limits set by the province’s Public Utilities Commission Act.
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According to the decision by Justice Michael Tammen of the British Columbia Supreme Court, BC Hydro’s ban on crypto mining was justified by considering energy demands and aiming to preserve affordable energy access. The judge highlighted the unique energy consumption characteristics of crypto mining and stated that BC Hydro’s estimates had been exceeded.
Justice Tammen stated:
“The evidence overwhelmingly establishes that cryptocurrency mining operations have unique electrical consumption characteristics. The total megawatt hours required to meet all interconnection requests from cryptocurrency operations in 2023 far exceeded BC Hydro’s forecast.”
Conifex, on the other hand, believes that the ongoing ban is a missed opportunity for the province. The company stated that it believes the provincial government is missing out on various opportunities to increase energy affordability and stimulate economic growth.
This decision is considered a significant development not only in British Columbia but also in the world of crypto mining. It comes at a time when such regulations are increasingly being debated, especially following the two-year moratorium on crypto mining imposed by New York State.