Big news comes from the Big Apple this Monday. According to some Plattsburgh, NY officials, the cheap electricity should be used for non-crypto economic development. However, in the era of Bitcoin mining, many residents of New York are using their computers to collect more of the leading cryptocurrency and capitalize on the trends.
What’s interesting for Plattsburgh, NY is that it’s an area with some of the cheapest energy prices in the US only because of the hydroelectric power stemming from the St. Lawrence River. The cheap electricity makes this place ideal for Bitcoin mining and the town one of the most affordable when it comes to electricity spendings.
And even though Bitcoin miners are taking advantage of this trend, the city’s mayor is not satisfied. As he says, “With great use of additional power, we are put over our threshold each winter and we are put over our threshold of ratepayers.”
Mayor Colin Read also thinks that this trend should come to an end. On the other hand, there is David Bowen’s Plattsburgh BTC which is a 20-computer business located in a warehouse that has been mining Bitcoin since 2014.
Now, Bowen’s business has a fate that hangs in the balance. According to some studies, more than 10% of the population in Plattsburgh mines Bitcoin – and if this trend increases, it will pose a threat to the electricity situation in the town.
At this point, a lot of people are looking at potential legislature regarding Bitcoin mining. What no one wants to think about though, is also the potential ban of any activity in this matter.
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