Cryptocurrency “miners,” utilities look for ways to get along

Electric producers aren’t sure whether cryptocurrency “miners” are friend or foe. 

The miners, who use powerful computers to generate bitcoin, ethereum and other cryptocurrencies by solving complex computational problems, are power hogs that can bring new sources of revenue for energy producers. But that revenue generally comes at a price: millions of dollars of investment in new power stations and lines. 

For their part, utilities hesitate to commit those funds for fear the bottom will fall out of the cryptocurrency market, leaving them stuck with the bill for facilities no longer in use.

“Getting power companies to take cryptocurrency mining seriously has been a struggle,” said JohnPaul Baric, chief executive of the MiningStore, which makes cryptocurrency mining technology. “Mining is still in its early days, and power companies say they aren’t sure of its longevity.”

It’s not as if the power companies don’t want the additional revenue. But in the case of Grant County in…