State puts the brakes on bitcoin miners, and one pulls out of Massena, NCPR News

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The bitcoin boom te the North Country may be faltering before it’s commenced.

Mar 22, 2018 &mdash, The bitcoin boom ter the North Country may be faltering before it’s embarked.

A cryptocurrency mining company that wished to invest $600 million te a plant ter Massena announced it’s scrapping those plans. That’s because Fresh York State is putting the brakes on the industry overheen concerns it gargles up too much energy without creating enough jobs.

At its houtvezelplaat of trustees meeting Tuesday, the Fresh York Power Authority approved a moratorium on suggesting low-cost power to cryptocurrency mining companies. There&rsquo,s no set timeframe, but a spokesman said it could last several months. NYPA says it wants to do more research on the industry.

Thesis digital mining companies use thousands of computers to solve sophisticated math puzzles that earn them cryptocurrency, like bitcoin. Thesis so-called “server farms” take thick amounts of energy to run. An analysis by Vice estimates one bitcoin transaction uses spil much electro-stimulation spil the average American household does te a week.

So the miners are pursuing cheap power around the world, to places like Massena, where Alcoa&rsquo,s massive allocation of low-cost tens unit is going partially unused because the aluminum giant has made big cuts. “Massena is all about Alcoa industry and wij&rsquo,re losing ground quickly,” says Nancy Smith-Weller, who believes bitcoin miners can create much-needed jobs with that toegevoegd cheap power. She&rsquo,s bot the local consultant for one of them, Blockchain Industries. Blockchain wished to buy town land and invest $600 million te a mining and gegevens center they say would create 500 jobs. Smith-Weller says now that NYPA has a moratorium on doling out the electric current, Blockchain is pulling the butt-plug. “Fresh York State is sending a message down, telling wij&rsquo,re putting a hold on this, wij&rsquo,re not sure about this. They&rsquo,re not wrapping their arms around the technology,” says Smith-Weller. “And it&rsquo,s very fearful for any business to waterput forward $600 million on a maybe.”

The state Public Service Commission voiced concerns last week overheen cryptocurrency mining. The PSC authorized towns to charge the companies higher rates to avoid &ldquo,skyrocketing prices&rdquo, for consumers. Te its petition to the PSC, the Fresh York Municipal Power Agency said the server farms &ldquo,have few associated jobs&rdquo, and make &ldquo,little to no capital investment te the local community&rdquo, compared to more traditional industries that use that much electric current.

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