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New York has just opened a door to encryption companies that need intense electrical demand, to take advantage of some of their least expensive sources of energy.
Regulators have approved a new tariff structure for a public service in the north of the state, which will allow miners of cryptocurrency interested in operating in this location to negotiate their contracts. The Massena Municipal Electricity Company will review the contracts individually, while protecting its other customers from rising costs.
Just four months ago, New York City allowed 36 municipal electricity authorities to charge a higher rate on digital mining companies than other customers would pay.
New York is one of the world's major hydrological regions, where encryption companies seek cheaper energy.
From Quebec to Iceland and China Local customers are concerned that these companies are absorbing cheap hydroelectric supply and increasing rates for all. This has forced governments, including New York, to strike a balance between attracting new businesses and protecting residents against rising energy costs.
"We must ensure that businesses consume a fair price for the electricity they consume," said Thursday the chairman of the New York State Department of Public Services, John Rhodes. "However, given the abundance of low-cost electricity in upstate New York, there is an opportunity to meet the needs of current customers and stimulate, in the same time, the economic development of the region. "
Cheap electricity
A month ago, Quebec decided to triple the price of electricity for cryptocurrency miners, while trying to manage the increase in demand in the industry. The increase has occurred despite the fact that the Hydro-Quebec provider has tried to attract minors to install and enjoy the abundance of electricity. produced by dams in the north of the region.
In New York, hydroelectric dams built decades ago have allowed northern municipal power utilities to offer their customers a fee of just a few cents per kilowatt -hour (Kwh). In Massena, residential customers pay about 3.9 cents per kWh. In comparison, the national average is 13 cents per Kwh.
In March, Plattsburgh, a small lakeside town in northern New York City, became the first to impose an 18-month moratorium on new encryption operations. At that time, the company billed them an average of 2.6 cents per kWh. The state 's Ministry of Public Utilities has authorized 36 municipal energy agencies, including Plattsburgh, to charge higher fees because of the high volumes of electricity required.
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