New York approves new electricity rates for cryptocurrency miners

The state of New York is trying to encourage growth in the growing cryptocurrency mining sector, with the New York State Public Utilities Commission (PSC) approving new electricity rates for the electricity department of the Massena town. The new provisions will provide "high-density cargo customers, such as cryptocurrency companies" access to "tariffs for individual service agreements", including "protection [...] from increased supply costs".

A publication of the PSC states that:

customers of cryptocurrencies and other high density cargo customers will be eligible to receive service under an individual service provision agreement if their maximum demand exceeds 300 kW, and the customer will provide benefits to the utility company. The change allows Massena to recognize the potential benefits associated with high density load customers, as well as the increased use of currently underutilized transmission and distribution facilities. "

The chairman of the Commission, John B. Rhodes, described the new rates as follows:

They are part of our ongoing effort to balance the needs of existing customers with the need to attract new companies, we must ensure that commercial customers pay a fair price for the electricity they consume. "

He emphasized that "the abundance of low-cost electricity in upstate New York provides an opportunity to meet the needs of existing customers and foster economic development in the region."

The Public Services Commission has highlighted the economic benefits that increased investment by cryptocurrency companies could bring to the county, stating that "Massena will receive significant revenues if new cryptocurrency companies are installed in the community," and that If this were to happen, "the utility would be forced to defer income for the benefit of taxpayers".