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  • Warning: Undefined array key 0 in amp_entity_view_alter() (line 156 of modules/contrib/amp/amp.module).
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  • Warning: Undefined variable $id in Drupal\cryptocompare\TwigExtension\RemoveSpace::getauthorlink() (line 2995 of modules/custom/cryptocompare/src/TwigExtension/RemoveSpace.php).
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New York State Can Now Charge Bitcoin Miners Higher Electricity Rates

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Mon, 19/03/2018 - 7:26
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New York State Can Now Charge Bitcoin Miners Higher Electricity Rates
Cover image via U.Today
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United State’s New York State ruled Thursday that cities can charge heavy electricity users like cryptocurrency mining firms higher rates.

The ruling came on the same day as the city of Plattsburgh, New York passed the first bitcoin mining ban in the United States. The ban would last for 18 months.

“If we hadn't acted, existing residential and commercial customers in upstate communities served by a municipal power authority would see sharp increases in their utility bills.” said John B. Rhodes, chair of the New York State Public Service Commission, who filed the petition for electricity rate hikes, in a press release.

The petition noted that cryptocurrency mining firms consume electricity but don’t add jobs or invest in the local community.

In some municipalities, cryptocurrency mining firms account for a third of local electricity consumption, the petition said.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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