Conifex Timber Inc. (TSX:CFF) has lost its bid to have the courts overturn a B.C. government ban on providing power to cryptocurrency miners.
Conifex, a lumber company that also has a biomass energy business, was hoping to get into the cryptocurrency mining space.
But in 2022, the B.C. government placed a pause on new connections for cryptocurrency mining, due to the concerns about the strain it might put on B.C.'s electricity supply.
Cyptocurrency mining consumes huge amounts of electricity. In court documents, BC Hydro said that the applications it had received for power from cryptocurrency miners would equal the power consumed by 1.5 million residential customers, or half the power of Site C dam.
By order in council, the B.C. government relieved BC Hydro of any obligations to supply cryptocurrency projects with power.
Conifex went to court, seeking a judicial review from the BC Supreme Court to overturn the order in council, but on Monday Conifex announced it had failed in its bid to have the order reversed.
“Conifex is disappointed by, and disagrees with the (BC Supreme Court) decision,” the company said in a news release.
“Conifex is conaidering its position in relation to the judgement, including potentially appealing the ruling, along with other legal avenues which it may pursue thereafter.”
