Plattsburgh Bans Bitcoin Mining

If you have ever mined Bitcoin, or any other cryptocurrency for that matter, you will know that it requires an absolutely huge amount of electricity. In times like now, this can be a major problem, which has caused Plattsburgh in New York to take drastic action.

Mining operations started popping up in the small city that is known for having very cheap electricity rates, as it is very close to a hydroelectric dam. This has inevitably caused huge problems for the city though. The mining operations require huge amounts of hardware that are constantly running both day and night. This has amounted to using a huge amount of electricity, which have raised environmental concerns. For Plattsburgh in particular, they are also concerned about the effect this mining will have on their electricity rates. The city has implemented an 18-month moratorium on new mining plans; however, all existing ones are allowed to remain. The ban might not seem as extreme as it sounds, as the decision was actually voted in place by the city council, and the proposal followed different complaints from residents, thanks to the huge increase in their electricity bills. Plattsburgh residents pay just 4.5 cents per kilowatt an hour, so it is very easy to see why people are attracted to the city to carry out their mining operations. The extra electricity has cost residents approximately an extra $100 a month, so during the 18-month ban, the city has plans to work closely with residents and mining operations to solve this problem in a friendly way, although how this will happen is still to be determined.