Canada's Manitoba is no longer allowing new crypto mining operations. Can the local industry survive until the 18-month moratorium is over?
Canada has remained a peculiar regulatory alternative to the neighboring United States in regard to cryptocurrency. While its licensing process has become more stringent than in some countries, Canada was the first to approve direct crypto exchange-traded funds. State pension funds have invested in digital assets, and crypto mining firms have moved to the country to take advantage of the cool temperatures and cheap energy prices.
These developments shouldn’t be brushed off as isolated cases. Both took place in relatively cool regions with significant hydroelectric energy profiles, so tightening the screws in Manitoba doesn’t seem optimistic for less-energy-sustainable regions.) towered above the $60,000 mark. By that time, Canada had become the fourth-largest destination for BTC mining in the world, with 9.55% of all Bitcoin being mined in the country .
“These moratoriums are in place to give the utilities time to evaluate the existing crypto-mining operations. The new normal in Canada would involve crypto miners working with utilities to balance the grid or recycle energy in thoughtful ways, with a focus on sustainability.” Kilic said it takes a lot of investment to build out the data centers. In that sense, a sound vetting process requiring miners to meet certain capital conditions would vastly reduce the number of bonafide applications. In his view, that would commit to grid balancing and sustainability as well.
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