New York rules cryptocurrency miners will be charged higher fees

The New York State Public Service Commission has announced that companies and individuals mining cryptocurrency within the state will be charged higher fees as a result.

According to the commision, these entities are using thousands of times more energy than the average customer, and so rising fees for all was not a viable option.

John B Rhodes, Commission Chair, said: “We always welcome and encourage companies to build and grow their businesses in New York. However, we must ensure business customers pay an appropriate price for the electricity they use.

“This is especially true in small communities with finite amounts of low-cost power available. If we hadn’t acted, existing residential and commercial customers in upstate communities served by a municipal power authority would see sharp increases in their utility bills.”

The ruling with “level the playing field,” between ordinary residents and the rising number of cryptocurrency companies operating in New York.