Any electricity customer with a maximum demand of over 300 kwph will qualify for the service under a negotiated contract.
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.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .