British Columbia Supreme Court Upholds Moratorium on Crypto Mining Projects

According to CoinDesk, a provincial supreme court judge in British Columbia has ruled that B.C. Hydro's moratorium on crypto mining projects is reasonable. The moratorium was challenged by Conifex Timber, a forestry company that had branched out into crypto mining and was planning a mining operation with Tsay Keh Dene Nation, an indigenous tribe. Justice Michael Tammen stated in the ruling that the moratorium, first enacted in December 2022, was reasonable, not discriminatory, and within the bounds set out by the province's Utilities Commission Act. Justice Tammen wrote that B.C. Hydro's ban was grounded on a cost-of-service basis, which considers the unique, substantial energy demands of cryptocurrency mining and aims to preserve affordable energy access for the broader population. Conifex, however, believes that the continued ban is a missed opportunity for the province. In a public statement, the company said 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 in British Columbia, and achieve more inclusive economic growth. In November 2022, New York State imposed a two-year moratorium on crypto mining. British Columbia is home to several zero-carbon footprint mining projects that exist off-grid, such as Ocean Falls Technology, which utilizes orphaned power from a hydroelectric plant in an abandoned mining town.