Crypto at a crossroads: Some provinces are wary of the technology’s vast appetite for electricity | CBC News

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Canada’s future in the cryptocurrency mining industry is under threat, according to its backers, after several provinces restricted projects due to electricity usage concerns. The majority of such entrepreneurs have been drawn to the country because of clean, cost-effective electricity in provinces such as British Columbia and Quebec. But unlike states such as Wyoming, North Dakota and Texas in the US, which have embraced the sector, Canada has banned projects in some areas. The situation has caused uncertainty over future of Canadian investment in cryptocoin mining, which is essential to cryptocurrency operations. Critics argue mining sites consume large amounts of electricity and in some provinces operational limits have been imposed on new crypto hookups due to energy capacity being exceeded. While some crypto enthusiasts are questioning whether Canada will continue as a major player, policymakers said the country’s commitment is questionable with the unresolved matter for the industry. Last year, Bitcoin’s value dropped by 75%.

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