Moneycontrol
Last Updated : Jul 13, 2018 04:57 PM IST | Source: Moneycontrol.com

New York regulators approve new electricity rates for cryptocurrency miners

Any electricity customer with a maximum demand of over 300 kwph will qualify for the service under a negotiated contract.

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New York regulators on Thursday, gave a green signal to the Massena Electric Department, to create a new set of electricity rates for cryptocurrency miners.

Miners will now be able to look forward to potentially significant growth with a hope to tap New York's hydroelectrical resources.

According to a report by Coindesk, the New York State Public Service Commission announced that the Massena Electric Department is now allowed to qualify high-density load customers for services under an 'individual service agreement'.

According to a senior official of the Commission, the said decision was taken as there was a desire to balance the need of charging 'fair' rates and attracting business to the region.

As per the new rules, any electricity customer with a maximum demand of over 300 kwph (kilowatt per hour) will qualify for the service under a negotiated contract.

Massena's municipal utility will have the rights to review the contracts and will have to protect existing customers from the resulting increased supply costs.

 
First Published on Jul 13, 2018 04:57 pm
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