New York is seeking to foster growth in its cryptocurrency mining sector, with the New York State Public Service Commission (PSC) approving new electricity rates for Massena Electric Department. The new provisions will facilitate “high-density load customers, as such cryptocurrency companies” accessing “individual services agreement tariff[s],” including “protect[ion] […] from increased supply costs.”
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New York Crypto Miners Eligible to Apply for “Individual Service Agreement”
A PSC release states that “cryptocurrency customers and other high-density-load customers will be eligible for service under an individual service agreement if their maximum demand exceeds 300 kW, and the customer provides benefits to the utility. The change allows Massena to recognize potential benefits associated with high-density-load customers, such as increased utilization of currently underutilized transmission and distribution facilities.”
Commission Chair John B. Rhodes described the new rates as “part of our continuing effort to balance the needs of existing customers with the need to attract new companies, we must ensure that business customers pay a fair price for the electricity that they consume,” emphasizing that “the abundance of low-cost electricity in Upstate New York, [provides] an opportunity to serve the needs of existing customers and to encourage economic development in the region.”
The Public Service Commission has stressed the economic benefits that increased investment on the part of cryptocurrency companies could reap for the county, stating that “Massena to receive significant revenues if new cryptocurrency companies set up shop in the community,“ and that in the event of such, “the utility would be required to defer the revenues for the benefit of ratepayers.”
Municipal Utilities Face Increasing Demand From Cryptocurrency Miners
PSC states that “In recent months, several municipal power authorities had seen an increase
