Manitoba Extends Ban on Electrical Service for Crypto Operations Until 2026
Summary:
The Canadian province of Manitoba has extended a ban on new electrical service requests for cryptocurrency operations until April 30, 2026. This measure, initially set for 18 months in November 2022, aims to deal with potentially massive increases in demand for electricity from growing cryptocurrency operations. British Columbia has also taken similar steps, introducing amendments to regulate electricity service to cryptocurrency miners. Other provinces like Quebec and New Brunswick have also implemented measures to control electricity provision to the crypto industry.
Manitoba, a Canadian province, has prolonged a ban on fresh appeals to the state-run Manitoba Hydro for electrical supplies meant for cryptocurrency operations. This mirrors a similar decision taken by British Columbia (BC), which has also implemented restrictive policies. Manitoba has extended this prohibition, which applies to new applications from cryptocurrency miners and unexecuted "requests for electric service", until April 30, 2026. Back in November 2022, Manitoba had initially implemented an 18-month hiatus on connecting electrical supply to cryptocurrency mining activities. In its announcement, the province has anticipated a surge in electricity demand from blooming or expanding cryptocurrency operations which could significantly hike up the overall electrical load.
In 2022, Manitoba Hydro's then-CEO, Jay Grewal, had stated that if every interested cryptocurrency operator were to connect, it would ramp up their total electrical load by 4,600 megawatts. To put this in perspective, the agency's total power capacity at that point was 6,100 megawatts.
Source: HYDROVISION International
Similarly, Hydro-Québec had proposed a temporary minimization in power provision to cryptocurrency operations in November 2022, while New Brunswick prohibited the supply of electricity to new cryptocurrency operations in November 2023.
Interestingly, in December 2022, British Columbia declared an 18-month suspension on new connections for cryptocurrency miners, affecting 21 projects. This month, BC's government introduced changes to its Utilities Commission Act, aiming to regulate power services to cryptocurrency miners. Provincial Energy Minister Josie Osborne commented on these amendments, emphasizing the need to regulate electricity service for energy-demanding cryptocurrency miners, known to create minimal local employment. These changes would empower the BC government to control, limit, or regulate electricity provision to cryptocurrency miners. BC is renowned for having some of the lowest commercial and industrial electricity tariffs in North America.
Magazine: Crypto City: The ultimate guide to Vancouver
Published At
4/23/2024 12:43:22 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.