The city of Plattsburgh, New York voted on Thursday to ban commercial cryptocurrency mining due to skyrocketing electric bills, becoming the first US city to outlaw the burgeoning practice. The city council apparently voted unanimously to impose the ban at a counsel meeting last night. The city council unanimously voted to impose the ban at a council meeting last night, and the mayor's office states that the goal of the law is to consider "regulations before commercial cryptocurrency mining operations results in irreversible change to the character and direction of the city".
It's worth mentioning that this isn't a full outright ban, at least not yet anyways.
NYMPA also claimed that cryptocurrency mining companies "do not bring the economic development traditionally associated with similar load-sized companies" - due to the fact that cryptocurrency mining requires a relatively small workforce compared to other electricity-intensive operations. NY passed the BitLicense regulation that at the time made all existing exchanges illegal and set up a dense process to register an exchange to do business in the state.
Mayor Colin Read and the city council of Plattsburgh this month signed off on a measure to place an 18-month moratorium on any new industrial-scale crypto-coin crafting operations within the city limits. Several suggestions include increasing the kilowatt rate for miners or getting them to pay for the excess of the city's power budget.
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Municipal power authorities in upstate NY have received permission to charge certain cryptocurrency mining enterprises higher rates for the use of their electricity than they charge other customers. That proposal itself followed complaints from residents over the huge jump in their electricity bills. You can understand why people are upset. The mayor's office states the new law is to also protect Plattsburgh's natural, historic, cultural, and electrical resources as well as the health and well-being of its residents.
For gamers, the rise in cryptocurrency mining means that the hot graphics cards that we'd like to get our hands are hard to find and often priced through the roof. When the allotment is exceeded, the city has to purchase power at a much higher rate on the open market.
Those who violate the law will be subject to fines of up to $1,000 per day. Cryptocurrency mining Cryptocurrency mining refers to the process of solving mathematical problems by computation.