BC Hydro, a British Columbia power company, announced that a judge in the province’s Supreme Court has ruled that a moratorium on its cryptocurrency mining project is appropriate. The verdict was announced on Monday.
The suspension was challenged by Conifex Timber, a forestry company that has expanded into cryptocurrency mining. Conifex was planning a mining operation with the Tsai Kay Dene Nation, an indigenous tribe.
In his ruling, Judge Michael Tammen said the suspension: First enacted in December 2022was reasonable, nondiscriminatory, and within the limits established by the state’s Public Utilities Commission Act.
Justice Tammen said BC Hydro’s ban was based on cost of service, taking into account the significant energy demands inherent in crypto mining, and aimed at making energy accessible to a wider range of people at affordable prices. I wrote that there is.
“The evidence is well established that cryptocurrency mining centers have unique power consumption characteristics…required to accommodate all interconnection demands from cryptocurrency operations in 2023. “The total megawatt-hours generated were significantly higher than BC Hydro’s expectations,” the judge said. I have written.
Meanwhile, Conifex stressed that it believes continuing the ban is a missed opportunity for the state.
“Conifex is working with the provincial government to improve energy affordability, accelerate innovation, strengthen the reliability and resilience of British Columbia’s electricity grid, and achieve more inclusive economic growth.” We continue to believe that we are missing out on some of the opportunities available to us,” he said in an official statement to the press.