City’s natural, historic, cultural and electrical resources. Plattsburgh, which has a population of nearly 20,000 people, used to be able to brag about cheap power, which it gets from the Bitcoin mining latest news Lawrence River. But, in December and January, the town used up more than the 104 megawatt-hours of hydro allotted to it per month, which forced Plattsburgh to buy expensive power from the open market.
The decision to ban bitcoin mining was made after a public hearing was called by Plattsburgh’s residents complaining of a surge in their electricity bills. Plattsburgh mayor Colin Read told Motherboard. You can understand why people are upset. Prior to this, residents paid about 4. This is very cheap in comparison to 10 cents per kilowatt-hour — an average of what the rest of the country pays.
Plattsburgh also gave a price incentive for industrial purposes, which allowed enterprises to use the power only at 2 cents per kilowatt-hour. According to a Motherboard report, Coinmint has its biggest bitcoin mining center in Plattsburgh, which used about ten percent of the town’s total power supply in January and February. Local officials have pledged to work with residents to figure out the new rules governing bitcoin mining within the next 18 months. The ban comes as more information is being revealed about how energy-consuming bitcoin mining really is. The latest report from Digiconomist said that one transaction by bitcoin miners uses as much electricity as it takes to power 27 houses. 7,318 earlier on Sunday, according to Kitco. 8,000 bitcoin miners will not make a profit.
For the analysis, Fundstrat assumed the cost of electricity to be at six cents per kilowatt-hour. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.