Photo courtesy Iris Energy

By Caden Fanshaw

Cryptocurrency

New crypto-mining projects paused by B.C. Government due to energy consumption

Dec 22, 2022 | 5:31 PM

PRINCE GEORGE – In an effort to preserve British Columbia’s supply of clean electricity, BC Hydro will suspend electricity-connection requests from cryptocurrency mining operations for 18 months.

For projects already operational such as the pair in our region run by Australian-based Iris Energy, they will remain open for business and open to the grid, but there could be changes coming.

“Cryptocurrency mining consumes massive amounts of electricity to run and cool banks of high-powered computers 24/7/365, while creating very few jobs in the local economy,” said Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation.

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Manitoba just underwent a similar move to pause new crypto-mining projects, while Quebec is one step ahead of the rest by just approving a new framework and a new pay structure for the industry.

MLA Mike Morris believes the province taking a step back and re-evaluating is a good move and makes sense given the low number of jobs created by the high use of electricity.

The Prince George crypto mine currently employs 20 full-time staff according to Iris Energy’s website.

New cryptocurrency mining projects may not initiate the process of connection with BC Hydro, and projects at early stages of the connection process will also be halted. Cryptocurrency mining projects that are operational, and a small number of projects that are well advanced in BC Hydro’s connection process, will not be affected. The connection of other types of projects that do not mine cryptocurrency will not be affected.