Upstate New York crypto miners were doing cartwheels this week as new power rates were approved to help the cost of mining crypto in this part of North America. There has been lots of news in recent times about the on-going high costs of mining crypto, which is why this move is great news for all concerned.
The major concern regarding the mining of cryptocurrencies as always been the high electricity and power costs. Because of the high electricity rates in the Western world, many crypto miners have sought solace in low-cost areas such as Siberia, Eastern Europe and many parts of Asia to make it worth their while. So it is great news that New York crypto miners in upstate areas are about to get a real boost.
Decreasing the prices of electricity for New York Crypto Miners
The New York State Public Service Commission announced on Thursday that it had given the green light to a municipal utility provider in Upstate New York to figure out new levels for electricity rates for local New York crypto miners.
The public body has given the ‘okay’ to the Massena Electric Department in Upstate New York to allow for high-density load customers, which fall under the bracket of crypto miners and together with a dense electric usage, some kind of subsidy. Crypto miners will qualify for the deal under the new rules.
Although some are saying that this is just an administration move, it’s a massive development for local crypto miners who are hoping to take advantage of the hydro-electrical resources that are located in New York.
A senior official who works for the commission said that decision was important so it could balance the need to charge a fair price, while also hoping to attract new business and new crypto miners to the region.
John Rhodes, commission chairman, released a statement that said:
“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.”
New rules will also protect existing customers
The details of the new electricity rates have also been discussed, with the newly approved rules clearly defining the electric usage with a maximum demand of over 300 kilowatt-hours to qualify for the service under a negotiated contract. This contract will ensure that the Massena municipal utility will “protect existing customers from increased supply costs resulting from the new service.”
Local residents in the Massena area were concerned that they might experience problems and higher rates due the massive consumption of energy that the New York crypto miners would use. They recently petitioned the New York Municipal Agency (NYMPA) in a bid to protect themselves, but only time will tell if this will be a good thing for local residents.
If you are a New York crypto miner looking to get more from your operation, it seems like moving upstate to Massena might well be the perfect move.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.