Washington state utility increases power rates for bitcoin mining

EPHRATA, Wash. — A utility in central Washington has increased electricity rates for cryptocurrency miners.

The Capital Press reports that Grant County Public Utility District commissioners adopted a new rate for so-called mining operations. Those firms use stacks of computer servers and a lot of electricity to produce Bitcoin or other cryptocurrencies that exist electronically.

Commissioner Tom Flint told some miners Tuesday that their industry is risky and unregulated and he wanted to make sure other ratepayers were protected.

Miners have flocked to the region because of its cheap hydroelectric power. Since last summer, the utility has gotten inquiries from those wanting to access to a lot of power.

Chelan County PUD currently has moratorium on power applications from cryptocurrency miners as it considers a proposed rate for the industry.