X

23039 Views

Cryptocurrency Miners Can Benefit From Special Electricity Rates

Spread the love
  • 5
    Shares

US cryptocurrency miners will now be able to benefit from a special price for electricity. A New York-based utility provider received approval from financial regulators.

The move was announced on Thursday by The New York State Public Service Commission. Thus, Massena Electric Department has got the green light to “allow high-density load customers, such as cryptocurrency companies, to qualify for service under an individual service agreement.”

New miners= new businesses

This decision could significantly attract a larger number of cryptocurrency miners who intend to take advantage of cheaper sources of electricity in New York.

According to Commission Chairman John Rhodes, the new legislative amendment is a method of balance in the sense of ensuring the legitimate payment of electricity bills as well as attracting new companies in the region.

We must ensure that business customers pay a fair price for the electricity that they consume. However, given the abundance of low-cost electricity in upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region,” he said.

You must use more than 300 kilowatt-hours

Under the new law, in order to benefit from a special rate, customers will need to use over 300 kilowatt-hours. The special contracts will be reviewed by Massena’s main utility provider and must “protect existing customers from increased supply costs resulting from the new service.”

As previously reported by Coindoo, Massena could host the largest Bitcoin mining center in the world after Coinmint announced it will make an investment worth $ 700 million in a mining facility based in the city and create 150 new jobs.

The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting,” claimed Steve O’Shaughnessy, Massena town supervisor. “We are ready to provide any assistance we can to move this project to its full potential.”

The fact that miners now have a special rate for electricity consumption will definitely attract more businesses in town, while the existing ones will feel free to record higher consumption.

0 Shares

You may be interested

US Rep to Hold Roundtable Discussion With Blockchain Expert
News
233 views
News
233 views

US Rep to Hold Roundtable Discussion With Blockchain Expert

Joshua Tayo - September 26, 2018

Currently, the U.S does not have a solid regulatory structure that governs the action of blockchain related innovations. In order…

New ESMA Regulations May Boost Up Crypto Exchanges Volumes
News
378 views
News
378 views

New ESMA Regulations May Boost Up Crypto Exchanges Volumes

Anca Faget - September 26, 2018

Recent ESMA  regulations have overhauled the retail trading industry. Although they probably haven’t been met with all the warmth especially…

How to Avoid Cryptocurrency Thefts
Learn
940 views
Learn
940 views

How to Avoid Cryptocurrency Thefts

Solomon Magawi - September 25, 2018

Bitcoin itself is tough to hack, thanks to the blockchain framework that underpins it. Since the blockchain is regularly reviewed…