Canadian province British Columbia has moved to ban new cryptocurrency mining projects, tightening control over how its clean electricity is used and ensuring the provinceâs vast hydroelectric power benefits higher-value industries.
The provinceâs energy ministry said on Monday that BC Hydro, a government-owned utility, will no longer accept new grid connection requests for crypto mining.
The move comes after a two-year moratorium introduced in 2022, which officials say will now become a long-term policy aimed at protecting energy supplies and avoiding grid strain.
BC, a global exporter of natural resources such as lumber, minerals and hydropower, plans to redirect available electricity toward industries that create more jobs and revenue for local communities. Future grid connections will be prioritized for sectors like natural gas processing, hydrogen production and manufacturing.
The government said cryptocurrency mining consumes a large amount of energy. However, it provides little economic benefit to the province. Officials believe that redirecting electricity to industries with higher employment and investment potential will create greater public value.
In comparison, pending crypto projects would have demanded more than 11,700 gigawatt-hours of power each year. That is enough electricity to supply hundreds of thousands of homes across British Columbia.
The permanent restriction is part of a broader set of energy policy reforms planned for late 2025. These reforms will determine how industrial electricity is distributed across the province. They will also set rules for fast-growing, high-consumption sectors such as data centers and artificial intelligence.
In early 2026, BC Hydro will begin a competitive bidding process to allocate 400 megawatts of power. Of this, 300 megawatts will go to AI projects and 100 to general data centers. The process will run over two years. Meanwhile, traditional sectors such as mining, oil and gas, forestry and manufacturing will continue to have unrestricted access to industrial power, the ministry said.
By 2026, construction on new transmission lines is expected to start. The expansion will continue through 2034 to strengthen BCâs grid and meet rising industrial demand. Officials said this long-term approach will help link power development with the provinceâs goals of job creation and economic diversification.
The moratorium introduced in 2022 followed a sharp rise in crypto mining activity across British Columbia. Many companies were drawn to the province by its low-cost and renewable hydroelectric power.
Soon after, BC joined other provinces such as Manitoba and Quebec in restricting crypto-related electricity use. The decision came amid growing environmental concerns and the instability of digital asset markets.
At the time, policymakers warned that crypto mining consumed vast amounts of energy. They feared it could divert clean power away from households, hospitals and critical industries. Moreover, they questioned whether the largely automated mining operations brought any real employment or economic value to local communities.
Since then, the governmentâs priorities have evolved. Officials now see greater long-term benefits in supporting AI and industrial projects that rely on stable electricity and generate stronger tax and job contributions. They say the move aligns with BCâs broader climate objectives and its transition toward a more resilient economy.
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Lee | Ju.Com
2025-10-21 09:48
đŁ Canada Province Shuts Door on New Crypto Mining Ventures â Hereâs Why?
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On February 12, the crypto market extended its decline, with total market capitalization falling to $250 billion. The Fear & Greed Index plunged to 5, marking one of the lowest readings of the current cycle and signaling extreme market anxiety. Liquidity remains tight, and post-leverage liquidation dynamics continue to shape price action.
Bitcoin dropped 2.12% to $67,527.23, trading between $65,718.5 and $69,231.0 during the session. Long positions account for 49.90%, while shorts stand at 50.10%, with an aggregate longâshort ratio of 1.98, indicating near-balanced positioning despite continued downward pressure. The breakdown below key psychological levels has reinforced cautious sentiment, and volatility remains elevated.
Ethereum declined 2.86% to $1,965.34, with an intraday low of $1,901.22. As a higher-beta asset, ETH continues to exhibit greater downside sensitivity compared to BTC, reflecting ongoing risk reduction across the broader market.
Among top performers, PIPPIN, BLESS, and LINEA recorded strong gains, largely driven by tactical flows and sector rotation rather than a broad-based recovery in sentiment.
From a narrative perspective, Multicoinâs analysis of Solanaâs ACE mechanism and its DeFi applications highlights continued innovation within high-performance blockchain ecosystems. Wintermute suggests that following a broad leverage reset, the market may enter a consolidation phase. Discussions surrounding commodity cycles and selling psychology further underscore prevailing macro uncertainty. Meanwhile, renewed political pressure for aggressive rate cuts adds another layer of complexity to risk asset pricing.
Overall, February 12 reflects a market in extreme fear territory. While such readings can historically coincide with late-stage capitulation, the absence of a clear liquidity or policy pivot suggests that consolidation at lower levels may persist before a more sustainable recovery emerges.
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On February 11, the crypto market extended its pullback, with total market capitalization declining to $255 billion. The Fear & Greed Index ticked slightly higher to 11, yet remains firmly within extreme fear territory. Sentiment continues to be fragile, and risk appetite remains constrained.
Bitcoin fell 1.94% to $69,169.44, trading between $67,883.0 and $70,499.9 during the session. Long positions account for 49.67%, while shorts stand at 50.33%, with the aggregate longâshort ratio rising to 1.83. This suggests selective positioning for a bounce at lower levels, though the broader structure still leans defensive. With BTC slipping below the $70,000 threshold, debate around whether $60,000 could represent a cyclical bottom has intensified.
Ethereum experienced sharper pressure, dropping 4.37% to $2,024.84, after briefly touching $1,983.77 intraday. Compared with Bitcoin, ETH displayed greater downside sensitivity, reflecting the marketâs tendency to reduce exposure to higher-beta assets during risk contraction phases.
Among outperformers, PIPPIN, RIVER, and FHE posted notable gains, largely driven by short-term tactical positioning rather than a broad improvement in sentiment.
Narrative focus shifted toward structural and macro themes. Grayscale raised the question of whether $60,000 may serve as a cyclical base for Bitcoin, prompting renewed discussions on strategic positioning. Progress and disagreements surrounding the CLARITY Act remain a key regulatory variable in the United States. Meanwhile, Vitalik Buterinâs vision for Ethereumâs integration with AI highlights longer-term innovation pathways beyond current volatility. The Federal Reserveâs influence over interest rates continues to shape broader economic expectations, leaving markets attentive to future liquidity signals.
Overall, February 11 reflects a phase of continued fear with moderating selling intensity. While a decisive reversal has yet to emerge, downside momentum appears to be narrowing. In the absence of clearer macro or regulatory catalysts, markets are likely to remain range-bound near recent lows as participants search for a more durable base.
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On February 10, the crypto market continued to trade within extreme fear territory, with total market capitalization holding at $259 billion and the Fear & Greed Index slipping further to 9. While sentiment remains deeply risk-averse, the pace of downside acceleration has clearly slowed compared with last weekâs sell-off.
Bitcoin edged down 0.42% to $70,085.29, fluctuating between $68,271.7 and $71,434.9 throughout the session. Positioning data shows longs at 49.7% versus shorts at 50.3%, with the aggregate longâshort ratio falling to 1.64. This reflects continued deleveraging and shrinking speculative exposure, suggesting the market is transitioning from a high-volatility liquidation phase to a low-leverage consolidation period.
Ethereum showed relative resilience, gaining 1.99% to $2,108.30 after briefly dipping to $2,008 before rebounding. This divergence indicates selective dip-buying in core assets even as overall risk appetite remains constrained.
Among smaller-cap tokens, ZKP, AXS, and POWER led gains, driven largely by short-term positioning and tactical rebounds rather than a broad-based improvement in sentiment. Market dynamics remain characterized by selective recovery rather than a full risk-on rotation.
Narrative focus continues to shift away from price action toward structural and long-term considerations. Variantâs reflections on insider trading in prediction markets highlight governance and transparency challenges in decentralized platforms. a16z reiterated its long-term philosophy for crypto, emphasizing that cyclical drawdowns do not negate the structural trajectory of the industry. At the same time, Goldman Sachsâ evolving crypto strategy and renewed discussion around the strategic role of gold underscore how digital assets and traditional safe havens are increasingly evaluated within the same macro allocation framework.
Overall, February 10 reflects a phase of late-stage fear and tentative stabilization. While selling pressure has eased, confidence remains fragile. Without clearer signals from liquidity conditions, macro policy, or regulation, the market is likely to remain range-bound near the lows as it searches for a durable base.
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Bitcoin bags are getting blown out today, as the price of BTC falls to nearly $80,000 and marks a new seven-month low.
The Squeeze Momentum Indicator is showing "bearish impulse," and like the other coins, the volume profile indicates XRPâs price is trading below key volume levels, meaning there's not much buying interest stepping in to defend current prices.
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The price of Cardano (ADA) was down on Friday after the blockchain suffered an unexpected chain split, which was caused by a malformed delegation transaction that triggered a software flaw. That created problems for Cardano users, and prompted a public apology from the user who claimed that they caused it.
âIt is important to note that the network did not stall. Block production continued on both chains throughout the incident, and at least some identical transactions appeared on both chains,â Intersect wrote. âHowever, to ensure the integrity of the ledger, exchanges and third-party providers largely paused deposits and withdrawals as a precautionary measure.â
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A UK operation against Russian sanctions evasion has resulted in 128 arrests and the seizure of $32.6 million in cryptocurrency and cash.
The UK's National Crime Agency (NCA) has revealed that a UK-led operation to crack down on Russian sanctions evasion has resulted in the arrest of 128 people and the seizure of $32.6 million in cryptocurrency and cash.đ¨đ¨đ¨
The operation, dubbed "Operation Destabilize," was first announced in 2024. As of December last year, it had resulted in 84 arrests and the seizure of $25.5 million.đĄđĄđĄ
However, the latest NCA data shows that the operation has also resulted in the arrest of a further 45 people suspected of money laundering and the seizure of more than $6.6 million in cash.âď¸âď¸âď¸
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