Rate Hikes For Crypto Miners

The decision comes as a result of a petition filed by the New York Municipal Power Agency (NYMPA), a body consisting of 36 municipal power authorities in New York state, raising concerns that crypto mining businesses would increase the utility bills of local residents while not bringing enough economic value in return.

According to the announcement, the NYMPA said that, while some mining firms in the area make up for 33 percent of the municipal utility load, they "have few associated jobs, and make little to no capital investment in the local community."

Cryptocurrency mining is an energy-intensive process that generates tokens and validates transactions on a blockchain by running processor-intensive computations, normally using specialized chips.


Depending on how much they’re actually mining, if it’s not much the utility bill’s gonna be higher than the mining profit.

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