New York crypto miners to pay new power rates

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.