British Columbia

Sim is a crypto proselytizer. Last week, he preached in a video interview for the Coin Stories podcast that he believes Bitcoin "is the greatest invention in human history."

His proposal would order city staff to assess the feasibility of making Vancouver "Bitcoin-friendly," for instance, by accepting payments in Bitcoin and investing some of the municipality's financial reserves into the cryptocurrency.

Sim's motion, which will go to a vote on Wednesday, claims that "Bitcoin mining has shown environmental benefits" that are realized when mines use electricity that would otherwise be wasted. The motion did not cite sources and the mayor's office did not provide any to Canada's National Observer when requested.

Fellow council members aren’t buying it.

Researchers estimate that each Bitcoin transaction generates as much carbon emissions as driving a gas-powered car around 2,200 km. Between 2020 and 2021 alone, U.N. researchers estimated that if Bitcoin mining were a country, it would rank 27th in the world in energy use. The sector's electricity demand is so high that B.C. has temporarily banned crypto mining until officials can figure out if the province has enough power.