July 21, 2024
Latest Cryptocurrency News

Court Rejects Crypto Miner’s Bid for BC Hydro Power

Conifex Timber Inc., a forestry company involved in crypto mining, has faced a setback in its attempt to compel BC Hydro, a Canadian electric utility in British Columbia, to supply power for its operations, as reported by the National Post.

In December 2022, the provincial government decided to halt new connections for cryptocurrency mining for 18 months. Conifex Timber sought to challenge the validity of this policy. The court upheld the government’s authority, deeming the decision “reasonable” and not “unduly discriminatory.”

Conifex Timber expressed disappointment with the court’s decision on Monday and is contemplating the possibility of an appeal.

“Conifex continues to believe that the provincial government is missing out on several opportunities available to it to improve energy affordability, accelerate technological innovation, strengthen the reliability and resiliency of the power distribution grid in British Columbia, and achieve more inclusive economic growth.”

Company’s Statement

Before the government’s pause on new power connections, BC Hydro released a report warning that the power demand from crypto mining could jeopardize clean energy and electrification objectives.

The court ruling highlighted that connection requests from cryptocurrency miners in B.C. over the past few years had “far exceeded” BC Hydro’s forecasts. It justified the pause by citing the genuine concern that allocating a significant portion of the available electrical power to one industry could lead to diminished energy for other purposes, potentially resulting in increased costs for all residential and industrial customers in B.C.

Photo by Towfiqu Barbhuiya

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Key Moments from Sam Bankman-Fried’s Trial Debut

Harper Hall

Gods Unchained Introduces ‘Sealed Mode’ to Level the Playing Field in Web3 Tournaments

Cheryl  Lee

Binance Faces Crackdown in Belgium as FSMA Demands Service Suspension

Eva Moore

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.