New York regulators approve new electricity rates for cryptocurrency miners

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.