New York Town Officials Seek to Ban Bitcoin Mining In Plattsburgh
Officials in the city of Plattsburgh, NY, want to have their electricity cheap for non-crypto economic development. Bitcoin mining is also in the headlines, amid fears that the city’s energy supply could be depleted.
Plattsburgh has some of the best energy prices in the United States due to the hydroelectric power that comes from the San Lorenzo River.
When the dams were formed in the river almost 70 years ago, the city blocked the low electricity rates for a fixed delivery. The Bitcoin miners are taking advantage of it, but the mayor of the city is crying.
“With great use of additional power, we are put over our threshold each winter and we are put over our threshold of ratepayers,” said Mayor Colin Read.
This threatens the business of mining operations, such as David Bowen’s Plattsburgh BTC, a business of 20 computers located in an old paper warehouse. Bowen recognized the opportunity in the city in 2014 and has been extracting bitcoins since then. The good news traveled fast, and from that moment a handful of other bitcoin miners have become its neighbors.
But now their fate hangs in the balance. According to reports, Bitcoin mining consumes about 10% of Plattsburgh’s power generation. Plattsburgh city officials plan to take up the topic of bitcoin mining at an upcoming hearing scheduled for mid-March.
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