Saturday, January 28, 2023

Canadian Provinces Limit Bitcoin Mining Development Until 2024

Important facts:
  • To date, there are 37 cryptocurrency mining companies in Manitoba.

  • British Columbia will study the impact of bitcoin mining on its environmental goals.

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The governments of the territories of Manitoba and British Columbia in Canada have decided to limit access to the local electricity grid to new bitcoin mining farms until mid-2024.

Manitoba was the first to adopt this measure. The announcement was issued in late November 2022 and specifies Applications for connection to the power grid will not be accepted during the next 18 months. Those from this sector come from companies dedicated to bitcoin mining.

Manitoba Finance Minister Cameron Friesen clarified that the suspension period will be used to assess the energy demand of cryptocurrency mining in the town.

There are currently 37 bitcoin mining companies in Manitoba whose activities have not been affected by the government’s action. However, other 17 mining companies that applied for the purpose were rejected And they will have to wait till 2024 to try again.

Weeks later, the British Columbia government decided to take similar measures as Manitoba regarding cryptocurrency mining. New bitcoin mining farms will have to wait 18 months after the announcement to be able to submit an application to join the local power grid.

In the case of British Columbia, the authorities clarify that they will use that period to Assess the impact of cryptocurrency mining on your financial goals and those related to the protection of the environment.

The restrictive actions taken by the governments of these Canadian provinces against the bitcoin ecosystem are no more radical than the efforts of this country’s Prime Minister Justin Trudeau in early 2022.

CriptoNoticias reported on the occasion that Trudeau invoked an “emergency law” that caused the Canadian federal police to block regulated banks from conducting transactions with bitcoin wallets related to the funding of the “Freedom Convoy 2022” protests.

Canada is a relevant country in terms of generating the mining power that supports bitcoin, as it is one of the largest contributors of hashrate to the network, along with the United States, China, and Kazakhstan.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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