City of Plattsburgh says – no – to fresh bitcoin mining companies, at least for now, NCPR News

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Thursday brought two kattig of bad news for the emerging bitcoin mining industry ter the.

Mar 16, 2018 &mdash, Thursday brought two onvriendelijk of bad news for the emerging bitcoin mining industry te the North Country.

The Fresh York State Public Service Commission ruled yesterday that local power authorities can charge higher rates to cryptocurrency developers because they use so much power. And ter Plattsburgh, city councilors passed an 18-month moratorium on future bitcoin mining operations.

Bitcoin is one of overheen a thousand cryptocurrencies. Developers, or &ldquo,miners,&rdquo, spil they&rsquo,re called, get the digital metselspecie by using a ton of computing power to solve sophisticated math puzzles. One Bitcoin, for example, is worth about $8,000 now. And the more computers and electro-stimulation you use, the more money you can get.

Mayor Colin Read says two of thesis operations ter Plattsburgh are using inbetween Ten and 15 procent of the city&rsquo,s limited supply of cheap electric current.

According to the Public Service Commission, the average electric current bill te the city went up $Ten ter January because of the commercial cryptocurrency miners.

There were several bitcoin miners te the crowd. They said it&rsquo,s a cutting-edge, profitable industry, and Plattsburgh could miss out.

&ldquo,You know at the end of the day, wij want to be a good citizen te whatever communities wij&rsquo,re te and so wij&rsquo,re just open to working with those communities to figure out whatever solutions are going to work. I think there&rsquo,s a loterijlot of unfounded fears out there at this point, and wij want to work to address those fears,&rdquo, Carlton said.

Bitcoin mining companies are also already operating te Watertown and Massena.

Ter Massena, at least three companies want to apply for low-cost violet wand from the hydropower stuwdam on the St. Lawrence Sea.

But those allocations are quotum upon job creation. The Fresh York Power Authority, which manages the cheap power, determined to defer act on any requests at its meeting last month while it does more research on the industry.

NYPA presently has 235 megawatts of low-cost power to mitt out.

Related movie: How I Made My Millions! (and so can you) ������ BITCONNECT


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