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Cryptominer loses bid to force BC Hydro to provide it power

Conifex Timber Inc. appealed to B.C. Supreme Court to have Hydro91裸聊视频檚 right to deny power overturned

A cryptocurrency firm has lost a bid to force BC Hydro to provide the vast amounts of power needed for its operations, upholding the provincial government91裸聊视频檚 right to pause power connections for new crypto miners.

Conifex Timber Inc., a forestry firm that branched out into cryptocurrency mining, had gone to the B.C. Supreme Court to have the policy declared invalid.

But Justice Michael Tammen ruled Friday that the government91裸聊视频檚 move in December 2022 to pause new connections for cryptocurrency mining for 18 months was 91裸聊视频渞easonable91裸聊视频 and not 91裸聊视频渦nduly discriminatory.91裸聊视频

BC Hydro CEO Christopher O91裸聊视频橰iley had told the court in an affidavit that the data centres proposed by Conifex would have consumed 2.5 million megawatt-hours of electricity each year.

That91裸聊视频檚 enough to power and heat more than 570,000 apartments, according to data on the power provider91裸聊视频檚 website.

Energy Minister Josie Osborne said when the policy was introduced that cryptocurrency mining consumes 91裸聊视频渕assive amounts of electricity91裸聊视频 by running high-powered computers around the clock, but adds 91裸聊视频渧ery few jobs91裸聊视频 to the local economy.

In a statement released Monday, the company said it91裸聊视频檚 91裸聊视频渄isappointed91裸聊视频 with the court91裸聊视频檚 ruling and is mulling an appeal.

91裸聊视频淐onifex 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,91裸聊视频 the statement said.

Before the provincial government paused new power connections for cryptocurrency miners, BC Hydro released a report outlining the 91裸聊视频渃onundrum91裸聊视频 they represent to the utility provider.

The report said power demand from cryptocurrency mining operations would challenge clean energy and electrification goals as adoption of things such as electric vehicles and heat pumps increase.

The report said bitcoin mining requires enough energy to power 91裸聊视频渁 small country,91裸聊视频 and moratoriums on crypto mining in China, Algeria and some U.S. states 91裸聊视频渃reated a significant increase in demand for power in B.C. by cryptocurrency mining operations.91裸聊视频

The court ruling said connection requests over the last few years from cryptocurrency miners in B.C. 91裸聊视频渇ar exceeded91裸聊视频 BC Hydro91裸聊视频檚 projections.

It said the pause ordered by the government was in response to 91裸聊视频渢he very real prospect that devoting such a large proportion of the available electrical power supply to one industry would leave less energy for other uses which might result in increased costs to all other residential and industry customers in B.C.91裸聊视频

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