New York State regulator approves new electricity rate structure for cryptocurrency miners

According to a Bloomberg news report on July 12, the New York State regulator has approved a new tariff plan for cryptocurrency miners that will allow them to negotiate contracts. According to Bloomberg, a few months ago, New York State approved 36 municipal power departments to charge encrypted miners more than other consumers.

Massena Municipal Utilities will introduce a new rate structure for encrypted miners who are interested in doing business there. Utility companies will consider contracts on a case-by-case basis, which will protect other utility customers from rising rates. John Rhodes, chairman of the New York State Department of Public Services, said in a statement:

“We have to make sure that commercial customers pay a fair price for the electricity they consume. However, given the abundant low-cost electricity in northern New York, there is an opportunity to meet the needs of existing customers and encourage economic development in the region.”

New York is known for its low electricity prices due to the large amount of electricity and electricity. Massena’s resident consumers pay an electricity fee of about $0.039 per kWh, while the national average electricity price is $0.13 per kWh. The country has become a destination for digital currency miners who use powerful professional computers for energy-intensive activities.

In the past year, areas with hydropower capabilities have been resisting the influx of mining companies, either to completely ban the industry or to increase electricity prices. In March of this year, the city of Plattsburgh, New York, passed a ban. According to reports, the city’s largest mining company used Plattsburg’s 104 MWh (Mwh) electricity in January and February, accounting for 10% of the total supply.

In Quebec, Canada, the provincial public utility department of Quebec has proposed a new system that requires blockchain companies to bid for electricity and quantify expected employment creation and investment. The power company seeks to allocate up to 500 megawatts of electricity, plus an existing 120 megawatt plan. The starting price is $1 per kWh ($0.0076), which is 20% higher than the standard price.

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