Cryptocurrency miners have been attracted to the Columbia based cities due to the fact that the electricity bill and other tax-related costs are a lot lower there, meaning that their profits would suffer a lot less.
However, nobody was expecting that the city of Ephrata, Washington would forbid every single new crypto miner in the city from operating. This was a shocker to all the ones in the process of relocating or those who had already arrived and were quite hopeful of a warm welcome. Existing crypto miners had nothing to worry about as the city council announced that it will have no sanctions in place for them. They are now currently being relocated, however, probably to the outskirts of the city.
The decision was made by the city council through a council vote not long ago. The decision was pretty much unilaterally accepted, there was only one man that rejected it, Matt Moore.
Moore has already disclosed information about why he was against the whole voting process. He believes that passing an opportunity in financial dealings is nothing the city can afford. Even though their venture wasn’t as big as one would expect or like, it was still something new and beneficial the council could have done.
The Council’s decision
However, Matt Moore was the only councilman to state these facts, the rest of his colleagues seem to disagree with him. Another council member, Kathleen Allstot has also come forward and announced that this ban is not going to be permanent. In her words, the ban is sort of a one year break, during which they will be able to sort things out a lot better and have some kind of regulations and guidelines for the companies when they open up again. The only thing left for Matt Moore and the willing companies are to hope that by then cryptocurrency mining will still be profitable.
These kind of regulations and bans are starting to contribute towards the crypto mining massive decline of the years. Even though large crypto companies in China like Binance are already struggling to sell their mining tech, because how fast it gets outdated, companies like Bitmain mining investment are still investing heavily into US-based farms. Still, it is quite realistic that the mining industry could die out before this ban is lifted and the council is “ready” to start accepting applications.