Crypto miners get new payroll scheme for electricity supplies in New York state

Posted 13 July, 2018

The authorities in the New York state accepted the new power supply scheme for crypto miners. With the new rules, miners who are interested in placing capacities in the state will be able to discuss contract terms with the regulators individually.

At the same time, just four months ago the state authorities reportedly allowed power suppliers to set higher costs to the miners as compared to other consumers.

The new scheme was developed and proposed by the corresponding department in Massena, under which the power supplier will be able to set electricity prices for miners case-by-case and thus other consumers will be protected from the price increases.

Notably, the NY state is well-known for its low power tariffs amid excessive energy hydro generation. According to the available data, individual consumers pay $0.039 KW/h, with the average cost staying at $0.13 KW/h countrywide. As a result, many miners prefer to locate their power-hungry capacities in this state, where electricity is quite cheap.

As commented the Head of NY Department of Public Service:

“We must ensure that business customers pay a fair price for the electricity that they consume...However, given the abundance of low-cost electricity in Upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region.”

It is worth mentioning that hydro-rich regions are taking measures to limit the inflow of crypto miners – ban mining operations or boost tariffs for this group of consumers.


 

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