The New York State Public Service Commission said on Thursday, March 15 that upstate municipal power providers are now allowed to charge higher rates to cryptocurrency miners. The reason should be obvious: Companies and individuals digging for digital gold are consuming large amounts of power, which takes a toll on local power companies distributing electricity to residential homes and businesses.
The New York Municipal Power Agency previously urged the Commission to crack down on “high-load” customers. The Agency serves as a voice for 36 municipal power companies across New York, some of which provide low-cost power via hydropower plants to customers without making a profit. It’s through these hydro-based channels where the impact is felt the most because miners are taking advantage of the low-cost energy.
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