British Columbia officials block power supply to new bitcoin mining firms

British Columbia officials have suspended the supply of electricity to the new bitcoin (B T c) mining firm in this field for 18 months. Existing crypto miners are not affected by the move.

No room for new bitcoin miners

The British Columbia Hydro and Power Authority (BC Hydro) has announced that the power supply to new bitcoin (BTC) mining facilities in the region will be suspended for 18 months.

Officials have made it clear that the move is aimed at maintaining the city’s clean energy supply, as well as giving officials time to engage with crypto miners and create a sustainable framework for bitcoin mining operations in the area.

per a Statement By Josie Osborne, British Columbia’s Minister of Energy, Mines and Low Carbon Innovation, crypto mining activities in the region consume vast amounts of electricity and provide very few jobs to data center residents.

“We are suspending power connection requests from crypto mining operators to preserve our power supply for those who are switching to electric vehicles and heat pumps, and for businesses and industries that need to be electrified. doing projects that reduce carbon emissions and create jobs and economic opportunities,” he added.

bitcoin miners face tough times

2022 has been a rough year for the global financial ecosystem and the bitcoin mining industry as well. feeling the brunt With the onset of crypto winter, bitcoin mining revenue and hash rate have seen significant declines in recent months.

as Reported Last month, Core Scientific, the largest publicly traded bitcoin mining company in the United States, reported a quarterly loss of $400 million, bringing its total losses to $1.7 billion in 2022 alone.

In addition to market conditions with bitcoin (BTC) prices plunging more than 70 percent since their all-time high of nearly $70,000 in late 2021, authorities in various jurisdictions are increasingly bullish. wage war against btc miners

Earlier this month, the Canadian state of Manitoba gave 18 months Stop on new bitcoin mining operations in the area.

At the time of writing, BTC price is down 4.68 percent on the 7-day time frame and is hovering around the $18,851 area, with a market capitalization of $324.23 billion, according to trackers.

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