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New York State Can Now Charge Bitcoin Miners Higher Electricity Rates

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    United State’s New York State has ruled that cities can charge heavy electricity users like cryptocurrency mining firms higher rates Thursday.

New York State Can Now Charge Bitcoin Miners Higher Electricity Rates
Cover image via u.today

 

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.

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About the author

Sylvia  is a Washington-based reporter and writer interested in blockchain, other fintech, future of money and how they interact with existing institutions. Besides English, she speaks Mandarin, Cantonese and French.

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