B.C. unveils plans to regulate cryptocurrency mining electricity use [Video]

British Columbia is proposing legal changes that would allow the government to regulate the supply of electricity to cryptocurrency miners.

A statement from the Ministry of Energy says cryptocurrency miners consume large amounts of electricity to constantly run high-powered computers while creating very few jobs or economic opportunities.

It says the legislative amendments would allow the government to prohibit or restrict the provision of electricity to cryptocurrency miners because “unchecked growth” of the sector could make it challenging and more costly to provide electricity to homes and other businesses.

The province directed the BC Utilities Commission in December 2022 to suspend new electricity connections for cryptocurrency mining for 18 months.