Cryptocurrencies
New York to Crypto Miners: Looking for Cheap Power? Let's Talk
- State approves utility rates that allow for miner contracts
- Miners have descended upon upstate New York for cheap power
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New York just cracked open a door for electricity-sucking cryptocurrency miners to take advantage of some of its cheapest power supplies.
State regulators approved a new rate structure Thursday for one upstate utility that will allow miners interested in running operations there to negotiate contracts. Massena’s municipal utility will review the contracts individually while shielding the rest of its ratepayers from increased costs. Just four months earlier, New York cleared 36 other municipal power authorities to charge miners a higher rate than that paid by other customers.