Canada Imposes Long-Term Ban on Crypto Mining to Conserve Energy

British Columbia has made a long-term decision to ban new cryptocurrency mining projects. The province will redirect clean electricity toward industries that create more jobs and drive economic growth.The measure aims to preserve energy resources and maximize public benefit from their use.

The provincial Ministry of Energy announced that the state-owned utility BC Hydro will no longer accept applications for grid connections from crypto-mining operations.

The decision follows a two-year moratorium introduced in 2022. Officials said it will now become a permanent policy designed to protect energy supplies and prevent grid overloads.

🔋 Protecting Energy Projects

British Columbia — a global exporter of timber, minerals, and hydroelectric power — plans to channel electricity into sectors that offer greater economic and social value.
Future priority grid connections will go to natural gas processing and hydrogen production projects.

The government stated that cryptocurrency mining consumes massive amounts of energy but provides little economic benefit to the province.
Redirecting power toward industries with higher employment and investment potential will create greater public value.

For comparison, current crypto-mining projects would require over 11,700 GWh per year — enough to power hundreds of thousands of homes across British Columbia.

At the same time, the Bank of Canada has called for nationwide regulation of stablecoins, ensuring the country keeps pace with global payment innovations.
The financial regulator OSFI is already developing a legal framework focused on licensing, reserves, and consumer protection.

See also: "Since October 9, miners have sent 51,000 BTC worth $5.6 billion to Binance"

#Crypto Regulations

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