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## Cryptocurrency Firm Loses Bid to Force BC Hydro to Provide Power

A cryptocurrency firm recently lost its bid to force BC Hydro to provide the vast amounts of power needed for its operations, upholding the provincial government’s right to pause power connections for new crypto miners. The ruling was made by Justice Michael Tammen, who deemed the government’s move in December 2022 to pause new connections for cryptocurrency mining for 18 months as ÔÇ£reasonableÔÇØ and not ÔÇ£unduly discriminatory.ÔÇØ Conifex Timber Inc., a forestry firm that ventured into cryptocurrency mining, had sought to have the policy declared invalid but was unsuccessful in the B.C. Supreme Court.

BC Hydro CEO Christopher O’Riley had indicated that the data centres proposed by Conifex would have consumed a staggering 2.5 million megawatt-hours of electricity annually, which is enough to power and heat more than 570,000 apartments as per data on the power provider’s website. Energy Minister Josie Osborne had pointed out that cryptocurrency mining consumes ÔÇ£massive amounts of electricityÔÇØ by running high-powered computers around the clock but contributes ÔÇ£very few jobsÔÇØ to the local economy.

In response to the court’s ruling, Conifex expressed its disappointment and is considering an appeal, believing that the provincial government is missing out on opportunities to improve energy affordability, accelerate technological innovation, strengthen the reliability and resiliency of the power distribution grid, and achieve more inclusive economic growth.

The provincial government’s decision to pause new power connections for cryptocurrency miners was supported by a report released by BC Hydro, highlighting the challenge that power demand from cryptocurrency mining operations poses to clean energy and electrification goals. The report emphasized that bitcoin mining requires enough energy to power ÔÇ£a small countryÔÇØ and cited moratoriums on crypto mining in other countries and U.S. states that have led to a significant increase in demand for power in B.C. by cryptocurrency mining operations.

The court ruling also underlined that connection requests from cryptocurrency miners in B.C. have far exceeded BC Hydro’s projections, leading to the pause ordered by the government in response to the potential impact on the available electrical power supply for other residential and industry customers in the province.

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AI legalese decoder can assist in analyzing and deciphering complex legal documents, court rulings, and policies related to cryptocurrency mining and power supply regulations. It can efficiently process and interpret the legal language used in the court ruling and the government’s policy, providing a clear and accessible understanding of the implications and reasoning behind the decisions. Additionally, AI legalese decoder can identify key legal arguments and considerations, helping stakeholders involved in cryptocurrency mining and power supply issues make informed decisions and develop strategic responses, such as potential appeals or alternative solutions to address energy consumption concerns.

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