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IPFS News Link • Bitcoin

Bitcoin Mining in NY Costs Premium: Bitcoin Headed to $2,800?

•, by Mike Mish Shedlock

I am surprised it took this long, but here's news on Bitcoin mining costs: Want to Mine Bitcoin in New York? You'll Have to Pay a Premium.

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