Crypto miners of Upstate New York will now have to pay new utility rates, after the New York PSC approved the changes in a bid to encourage miners in the area.

As well as accomodating high-density power consumers, the move will also protect existing customers of Massena Electric Department.

Chairman of the New York PSC John B. Rhodes said: “As part of our continuing effort to balance the needs of existing customers with the need to attract new companies, we must ensure that business customers pay a fair price for the electricity that they consume.

“However, given the abundance of low-cost electrcity in Upstate New York, there is an opportunity to serve the needs of existing customers ad to encourage economic development in the region.”

In a nutshell, the plans will allow crypto miners in the area to negotiate with municipal power authorities who will then review their demands individually and offer suitable contracts as a result.

They must exceed a demand of 300kW and a load density of 250 kWh per sq ft per year to qualify for the new rates.