Court Rules Against Crypto Mining Company, Will Not Force BC Hydro to Provide Power
A court has ruled against Conifex Timber Inc., a forestry firm with a crypto mining business, in its attempt to force Canadian electric utility BC Hydro to provide the power needed for its operations. The court upheld the government’s decision to pause new connections for cryptocurrency mining, stating that it was reasonable and not unduly discriminatory. Conifex Timber expressed disappointment with the ruling and is considering an appeal. Before the pause on new power connections, BC Hydro released a report stating that power demand from crypto mining operations would challenge clean energy goals.
YouHodler Gets Bank of Spain’s Virtual Asset Service Provider Registration
Swiss-based Web3 fintech platform YouHodler has obtained its Virtual Asset Service Provider (VASP) registration from the Bank of Spain. With this registration, YouHodler can now offer its suite of Web3 financial services to users in Spain while complying with anti-money laundering and counter-terrorist financing regulations. YouHodler’s services are available in over 60 countries and facilitate seamless connections between fiat and crypto financial services. The platform offers tools for investors to capitalize on market volatility, instant credit cards, bank withdrawals, and support for over 50 coins as collateral. It also provides enterprise solutions for companies in the crypto industry.
Tether Leads Oobit’s $25M Series A Funding Round
Tether has announced its investment in mobile payment application Oobit. The $25 million Series A funding round, led by Tether’s investment arm, will support Oobit’s goal of mainstream cryptocurrency adoption. The funding round also saw participation from CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko. Oobit’s mobile payment app allows crypto holders to make payments at over 100 million retailers worldwide, using Visa and Mastercard. Future updates to the app will enable customers to make crypto payments while ensuring that merchants receive fiat currency in return. The app is available on the Apple App Store and Google Play.
Hot Take: Court Upholds Decision to Pause Power Connections for Crypto Miners
A Canadian court has ruled against Conifex Timber Inc., upholding the government’s decision to pause new power connections for cryptocurrency mining operations. The court deemed the government’s move reasonable and not unduly discriminatory. This ruling highlights the challenges faced by crypto miners in accessing sufficient power supply for their operations. While crypto mining can be energy-intensive, it is crucial for governments and utilities to strike a balance between supporting the industry’s growth and ensuring sustainable energy use. Going forward, it will be interesting to see how regulations and policies surrounding power provision for crypto miners evolve as the industry continues to expand.
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