50% Hike In Electricity Rates For Crypto Miners In Washington

Sep 4, 2018 at 15:53 Update Date :Sep 4, 2018 at 15:53 UTC

The Grant county public utility district (Grant PUD) in Washington state has affirmed a rate hike for cryptocurrency miners.

A week ago, the commissioners of the Grant County PUD collectively introduced the new rate for developing industries. The utility said that the choice was made after “nearly a year analysis, staff effort to the country’s cryptocurrency firms, and public remarks on the new rate at each commission meeting since the rate’s initial proposal in early May.”

As indicated by the utility, starting April 1, 2019, cryptocurrency miners and other practically identical tasks will pay the first of a three-year, graduated increment to another, above-cost electric rate designed to relieve Grant PUD financial risk and maintain low-cost rates for core customers.

Since summer 2017, Grant PUD said that it has received new administration inquiries for more than 2,000 megawatts of power — more than three times the power expected to control all Grant County firms, businesses and industry. Around 75 percent of those requests are from crypto miners.

The utility included the advancing industry firms that display three main sorts of risk, including administrative risk, business risks, and concentration risk. The expanded rate compensates Grant PUD for these risks and obliges the developing industry customers to pay more than the cost to supply their power to finance their sustainable below-cost rates for residential, irrigation, and medium-sized business clients.

“Your industry is unregulated and high-risk,” Grant PUD magistrate Tom Flint told the miners who went to the meeting. “This is the best approach to guarantee our ratepayers are not affected by this unregulated, high-risk business.”

Flint’s fellow officials agreed and separated crypto mining from the data centres in Quincy and somewhere else, that own lands and structures, pay taxes, have strong credit records, store client data, and give Internet-based administrations.

“I don’t see miners as villains,” Commissioner Larry Schaapman said. “You have likened yourselves to the data centres, but you can just do one thing — mine bitcoin.”

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