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New York Cryptocurrency Miners Granted New Electricity Rates

As cryptocurrency mining continues to go on, regulators in Upstate New York have granted a local utility provider of the state to design new power rates specifically for digital miners. The announcement was made on Thursday by the public utility commission, granting Massena Electric Department permission to provide special individual services to mining companies and individuals consuming exceptional amounts of electricity.


Potential


Although the decision is essentially a governmental one, this provides a potential opportunity within the cryptocurrency environment to utilize electric companies and service providers within the state. 


A statement by the service commission explained that the new plans were designed to introduce a more just power system and a chance to promote New York’s business economy to potential businesses and companies. John Rhodes, Chairman of the public utility commission, stated that it was the commissions to job to guarantee that all businesses and companies are charged fairly for consumed power. 


Adding to his statement, the Chairman explained that although Upstate NY provides much cheaper electricity, this new development will supply the demands of currently operational businesses and provide further beneficial advancements to the economy.

New Rates


Following the announcement by officials, Massena will be able to introduce customers that use 300-kilowatt hours to a special individual contract, providing custom services for the applicant. 


Once the conditions of the contract have been decided, the company will then analyze and either approve or deny the contract based on a desire to protect its current customers from a spike in prices due to increased use through the new system. In 2018, the public utility commission imposed new taxes on high-rate cryptocurrency miners.


NYMPA had sent in its request after concerns rose after potential over-charging of local citizens due to increased cryptocurrency miner activities. 

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