RATE Group | Washington cryptocurrency miners to see 50% power rate hike
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Washington cryptocurrency miners to see 50% power rate hike

03 Sep Washington cryptocurrency miners to see 50% power rate hike

Posted at 17:03h in Cryptocurrency News by

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Cryptocurrency miners in Grant County will face a 50 percent electricity rate hike over the next three years after the utility district unanimously passed the increase Tuesday.

Grant County Public Utility District said the move was to protect customers from risk and preserve below-cost rates for other customers.

“Your industry is unregulated and high-risk,” said Commissioner Tom Flint said at last week’s commissioner’s meeting. “This is the best way to ensure our ratepayers are not impacted by this unregulated, high-risk business.”

Cryptocurrency, including bitcoin, is a digital form of money that exists apart from government or bank regulation. It’s mined by making complex calculations that verify transactions.

The electric rate increase will be implemented over the course of three years: a 15 percent increase in 2019, a 35 percent increase in 2020, and a 50 percent increase in 2021.

Any new customers will pay the rate that is being phased…

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