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Canada’s British Columbia will cease accepting new connection requests from new crypto mining initiatives to its clear and renewable power infrastructure.
An Oct. 20 assertion, the province mentioned there will probably be a “everlasting ban on new BC Hydro connections to the electrical energy grid” for crypto miners that may come into impact later this yr.
That follows an 18-month ban that was rolled out again in December 2022. This was performed in order that the federal government might take the time to develop a everlasting framework that balances the wants of crypto miners, residents and companies within the area.
Within the announcement, the British Columbia authorities additionally mentioned that the crypto mining sector’s “disproportionate power consumption” gives “restricted financial profit.”
That’s as pending crypto initiatives would have demanded greater than 11,700 gigawatt-hours of energy annually, which is sufficient electrical energy to provide tons of of hundreds of properties throughout British Columbia.
Crypto mining machines are identified for his or her excessive power use.
2013 was an unbelievable yr for bitcoin mining because of the introduction of the ASIC.
Hashrate went from 22 TH/s to 10,000 TH/s.
A rise of 45,400% in simply 12 months.
The equal leap at this time would see hashrate leap from 1 ZH/s to 455 ZH/s (slightly below half a Yottahash). pic.twitter.com/7ioYaPKftR
— Tomas Greif (@TomasGreif) October 1, 2025
Vitality Provide To AI And Information Facilities Will Be Capped
Within the announcement, the federal government acknowledged the potential financial positive factors that might come from AI and information facilities.
It mentioned “information facilities and AI can supply great potential for innovation, info know-how and information sovereignty.” It added that AI adoption will “proceed to enhance productiveness and competitiveness” for British Columbia industries.
Whereas the federal government sees the potential financial advantages of AI and information facilities, it mentioned the “fast growth and excessive power consumption” of those rising sectors will “require balanced, ahead looking-planning.
Along with the excessive power calls for, initiatives in these sectors “usually present fewer jobs and revenues for the province” than natural-resource initiatives, the federal government mentioned.
To handle the expansion of the AI and information middle sectors, the British Columbia authorities mentioned that it’ll launch a “aggressive name for initiatives” in early 2026 for a two-year interval.
Throughout this era, BC Hydro will present firms in these sectors with 300 megawatts for AI and 100 megawatts for information facilities.
IREN Shares Slide 2% On Information Of Upcoming Laws
One of many crypto miners that the brand new laws might influence is IREN, which has a number of websites in British Columbia. In line with the corporate’s web site, the agency has three foremost websites, specifically Mackenzie, Prince George, and Canal Flats. Mixed, these websites use 160 megawatts of power within the area.
Not too long ago, the corporate additionally pivoted to AI and HPC. In September, the corporate introduced that it had doubled its AI-cloud capability to round 23,000 GPUS by means of the acquisition of roughly 7,100 Nvidia B300s, 4,200 Nvidia B200s, and round 1,100 AMD MI350Xs for its Prince George information middle.
Following the information of the upcoming laws, IREN shares dropped over 2%, in keeping with information from Google Finance.
IREN share worth (Supply: Google Finance)
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