New York Approves New Power Rate Structure for Crypto Mining

New York Approves New Power Rate Structure for Crypto Mining

New York regulators just approved the new electricity rate for cryptocurrency miners that allow them to negotiate contracts as reported by Bloomberg on July 12.

Several months ago New York granted approval to 36 power authorities to charge crypto miners more than consumers for electricity. However, Massena municipal utility company will introduce a new rate structure for crypto miners who are interested in conducting their operations there. The utility company will consider each contract on a case-by-case basis and will protect their customers from an increased rate.

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John Rhodes, the New York State Department of Public Service Chairman stated…

“We must ensure that our customers pay a fair price for the electricity they consume, however given the abundance of low-cost electricity in Upstate New York, there’s an opportunity here to both encourage both economic development in the region as well as serve the needs of its existing customers”.

New York is known for their cheap electricity rates due to the abundance of hydroelectricity. Currently, residents of Massena pay an average energy charge of $0.039 per kilowatt hour. The national average residential rate is around $0.13 per kilowatt hour. New York state has recently become a destination for cryptocurrency miners who require energy intensive equipment for their cryptocurrency mining.

Areas that have an abundance of hydroelectric power have resisted the influx of cryptocurrency miners over the past few years, either through bans or increased electricity rates. The city of Plattsburgh, NY recently passed a moratorium (temp prohibition of activity) in March regarding new cryptocurrency mining operations in the area. The largest mining operation in the city reportedly used over 10% of Plattsburgh’s 104 megawatt electrical allotment for January and February.

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