New York state is famously tough on cryptocurrency trading but has recently struck some big deals with Bitcoin mining companies. Now the authority that controls electricity say prices for such activities is going to cost more.
The Authority which is made up of 36 municipal power authorities in the state have decided to raise electricity rates for crypto mining operations. In a comment to local news Commission Chair John Rhodes said
If we hadn’t acted, existing residential and commercial customers in upstate communities served by a municipal power authority would see sharp increases in their utility bills.
The power authority gave out numbers that showed in some cases Mining operations taking up over a third of the municipal power demand