Recently, a number of states have gone to put in place some restrictions on cryptocurrency mining. Due to a number of reasons, such as climate change and the sheer amount of energy that crypto mining requires, these states have thought it necessary to ban crypto mining. The latest development in this regard is the Canadian province of Manitoba, which placed a ban spanning over a year on new cryptocurrency mining activities.
New Crypto Mining Projects Are Stressing The Local Grid.
An aggregate of the reports made by the local news houses in Manitoba strongly suggests that the restriction placed on the emerging cryptocurrency mining activities came as a result of the excessive workload on the national grid.
Manitoba had received a whole lot of crypto miners owing to the country’s low electricity rate, and it appears as if the workload of the new projects is overwhelming and already taking too much of a toll on the national grid.
The initial reaction would have been for the Canadian government to create more allowance to accommodate the recent development, but the Manitoba Minister of Finance, Cameron Scott Friesen, has explained to the public that the province cannot just accommodate all and sundry to sap from its electricity. It will later take a toll on the local grid or the province’s pocket.
As it is now, there are about 37 crypto-mining infrastructures, and they will continue their operations. However, the new 17 mining facilities would have to wait a period of 1 year and 6 months (18 months altogether) before they can commence operations.
Bitcoin Mining Signifies A Great Deal Of Harm
From climate well-being reasons to the exploitation of energy, many have begun to say that the wrong side of mining bitcoin outweighs the good part.
Bitcoin being mined by the proof-of-work system means that the process will consume much energy compared to the proof-of-stake system. As a result of this, many national power grids have felt the brunt of the mining process.
As a matter of fact, in Texas, the availability of electricity has greatly reduced, and miners now have to bear the extra cost of secondary means of energy.
Owing to the current deplorable state of bitcoin as well, it appears that the miners have been making little to no profit while running an operating system that continues to bore holes in their pockets.
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