Crypto Mining Company Loses Bid To Force Canadian Utility Company To Provide Power

An anonymous reader quotes a report from Vancouver Sun: A cryptocurrency firm has lost a bid to force B.C. Hydro to provide the vast amounts of power needed for its operations, in a court ruling that upholds the provincial government's right to pause power connections for new crypto miners. Conifex Timber Inc., a forestry firm that branched out into cryptocurrency 'mining,' had gone to the B.C. Supreme Court to have the policy declared invalid. But Justice Michael Tammen ruled Friday that the government's move in December 2022 to pause new connections for cryptocurrency mining for 18 months was reasonable and not unduly discriminatory.

B.C. Hydro CEO Christopher O'Riley had told the court in an affidavit that the data centers proposed by Conifex would have consumed 2.5 million megawatt-hours of electricity a year. That's enough to power and heat more than 570,000 apartments, according to data on the power provider's website. Energy Minister Josie Osborne said when the policy was introduced that cryptocurrency mining consumes 'massive amounts of electricity' by running banks of high-powered computers around the clock, but adds 'very few jobs' to the local economy. In a statement released Monday, the company said it's 'disappointed' with the court's ruling and is considering an appeal. 'Conifex continues to believe that the provincial government is missing out on several opportunities available to it to improve energy affordability, accelerate technological innovation, strengthen the reliability and resiliency of the power distribution grid in British Columbia, and achieve more inclusive economic growth,' said Conifex in a statement.

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