Cryptocurrency

Bitcoin miners are invited to New York for cheap electricity

Bitcoin miners are invited to New York for cheap electricity

New York has just opened a “window” for Mining Cryptosmiths in order to take advantage of its cheap energy reserves. It is recalled that the mining process absorbs extremely high amounts of electricity, with Bitcoin being the most demanding of all.

The city’s regulators have approved a new structure in the pricing system of the state-owned public utility power plant, which will allow so-called miners wishing to operate there to negotiate a favorable contract.

Massena (New York City) will examine the contracts one at a time, while protecting other consumers at increased costs. Four months ago, New York instructed municipal services to charge miners much more than other consumers.

New York is one of the planet’s wealthy hydroelectric areas, which many miners have chosen for cheap energy. However, in Quebec, as far as Iceland and China, local residents express their concern that miners absorb all cheap hydroelectric energy reserves, thus raising prices for all.

This is a headache for governments, with New York struggling to find balance in order to satisfy its inhabitants and at the same time to attract new-born businesses in the sphere of cryptography and mining.

“We have to make sure that customers pay for them for the amount of energy they consume,” said an official. “But given the abundance of cheap energy in the Upper New York state, there is a good opportunity to meet both the needs of existing consumers and to encourage economic growth in the region.”

A month ago, Quebec tripled prices for miners in an effort to calm the surge in energy demand.