British Columbia Imposes 18-Month Moratorium on New Crypto Mining Operations

British Columbia became the third Canadian province to impose restrictions on crypto mining, saying it will not approve new connections to its power grid for 18 months.

In recent weeks, utilities in Quebec and Manotiba imposed similar restrictions on the industry, citing the high demand for power.

The province wants to preserve electricity for "electric vehicles and heat pumps, and for businesses and industries that are undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities," Josie Osborne, British Columbia's minister of energy, mines and low carbon innovation, said in a Wednesday post on the provincial government's website.

Currently, 21 projects are requesting a total of 1,403 megawatts (MW) in the province, equivalent to the energy needed to power approximately 570,000 homes, or 2.1 million electric vehicles, the post said.

Read more: Canada's Manitoba Province Enacts 18-Month Moratorium on New Crypto Mining