Crypto mining has been a contentious issue in many regions, and New Brunswick, a Canada-based electricity provider, seems no exception. The province’s electric utility, NB Power, imposed a moratorium on providing new service to cryptocurrency mining operations last year, citing concerns about its ability to meet the increasing demands from the power-hungry sector.
The utility has temporarily held all new large-scale, short-notice requests for electricity and new requests from cryptocurrency miners due to the “significant pressure” they put on the province’s electricity supply.
Details On The Moratorium
Information about the prohibition of providing electricity services to crypto miners is in a cabinet order dated March 1, 2022. According to the cabinet, the moratorium is indefinite, and Crown-owned NB Power has been directed to review the industry and submit its findings by December 31, 2022.
The cabinet document confirms that NB Power received numerous service requests from cryptocurrency mining companies, which were not disclosed in the cabinet document.
The cabinet order referred to the Electricity Act of the province, which requires that the government ensure that NB Power operates in a reliable, safe, and economically sustainable manner.
The move has been seen as necessary to ensure the province’s electricity supply remains reliable and sustainable. Still, it is sure to have a significant impact on the crypto-mining industry in New Brunswick.
Impact On The Crypto Mining Industry
The moratorium on electricity requests by NB Power will undoubtedly impact the cryptocurrency mining industry in New Brunswick. According to the CBC report, Vancouver-based Hive Blockchain Technologies Ltd. announced it would pay $25 million in sha
Go to Source to See Full Article
Author: Edyme
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
