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Bitcoin mining is about to become a costlier proposition in upstate New York.

The New York Public Service Commission on Thursday cleared the New York Municipal Power Agency to raise electricity bills for cryptominers seeking to take advantage of the state’s low-cost hydroelectric power. The agency is made up of 36 municipal power authorities in the state. In some cases, the miners -- which require huge amounts of electricity for data processing -- accounted for a third of a municipal utility’s demand, the commission said.

“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,” Commission Chair John Rhodes said in a statement.

Bloomberg News
Compliance Cryptocurrencies
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