An American company is introducing a special rate, to offset the huge electricity demands from crypto miners…
A power company in America has seemingly had enough of the electricity drain coming from cryptocurrency miners, and has made changes to its pricing structure as a consequence.
Grant County Public Utility District, in Washington, America, has now specifically raised its electricity prices just for crypto miners. The area had seen a boom in those heading their way and setting up mining operations, with the key attraction being the relatively low electricity prices in the region. As such, miners have been setting up extensive computer hardware rigs to mine coins, and the number of enquiries that Grant Country has received about crypto mining operations has shot up.
The new rate has thus far been introduced, with local commissioner Tom Flint reportedly telling some cryptocurrency miners that the move has been made to protect local ratepayers. Furthermore, he’s also said to have commented that the cryptocurrency mining industry is ‘risky’ and ‘unregulated’.
All of this comes at a time when the return for cryptocurrency miners is in decline, given the fall in crypto prices since the start of the year (hardware board manufacturer Nvidia is getting out of the crypto industry for one, having seen a sharp decline in revenues for its related products this year).
Furthermore, there are growing concerns about the environmental impact of mining too, given the rocketing amount of electricity that’s required to power some of the computing rigs involved around the clock.
One way to combat that? Put the price of the electricity itself up – and that’s just what’s happened now in Washington…