Reviewing the Electrical Consumption of Cryptocurrency Mining

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British Columbia Regulation 281/2022

On December 21, 2022 the Lieutenant Governor, on the advice and consent of the Executive Council, ordered a Direction to the British Columbia Utilities Commission with respect to Cryptocurrency Mining Projects

Some definitions set out in the Order include: “new high-voltage cryptocurrency project” means a project to mine cryptocurrency that would receive an electricity supply of 60 kV (kV kilovolts or 1000 volts) or higher for projects that have not already entered into a facilities study agreement,

“New low-voltage cryptocurrency project” means a project to mine cryptocurrency for which the project requests at least 2.5 megawatts of power, and power would be supplied through a 12.5 kV connection to the electric distribution system, or the project requests at least 5 megawatts of power, and power would be supplied through a 25 kV connection to the electric distribution system.”

According to the Ministry of Energy, Mines and Low Carbon Innovation there are 21 cryptocurrency projects requesting a total of 1,403 megawatts of power. This is equivalent to powering approximately 570,000 homes per year or 2.1 million electric vehicles.

The BC government wishes to review the energy demand by cryptocurrency mining companies.

 

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