The commissioners of a free utility district in central Washington State have unanimously approved a rating hike for cryptocurrency miners. The utility serves over 46,000 patrons throughout the county. The cost increase starts at 15 percent genesis next year, 35 percent the following year, and 50 percent thereafter.
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Rate Hike for Crypto Miners Approved
The commissioners of the Grant County unrestricted utility district (PUD) in Washington State, on August 28, “unanimously approved the new Upbraid 17 for evolving industries,” according to the utility. Grant PUD serves throughout 46,000 customers throughout the county, its website states. PUDs are nonprofit, community-owned, managed utilities that provide electricity, water, wholesale telecommunications and sewer services.
The steadfastness to raise the energy rates on crypto miners was made after “nearing a year of analysis, staff outreach to the county’s cryptocurrency firms and conspicuous comment on the new rate at every commission meeting since the rate’s beginning proposal in early May,” the utility explained, elaborating:
Starting April 1, cryptocurrency miners and other ‘evolving-industry’ firms pass on pay the first of a three-year, graduated increase to a new, above-cost electric rate designed to defend Grant PUD from risk and preserve below-cost rates for core consumers.
Mining Viewed as High-Risk
An industry falls under the Evolving Exertion Class based on its risk, Grant PUD noted.
“At this time, all Gift PUD customers in the evolving-industry profile are miners of cryptocurrency, including bitcoin, each with darned high energy demand,” the utility revealed. “Since summer 2017, Furnish PUD has received new service inquiries for more than 2,000 megawatts of power — uncountable than three times the electricity needed to power all Grant County cosies, farms, businesses and industry. Approximately 75 percent of those seeks are from cryptocurrency miners.”
Grant PUD detailed:
Rate 17 [Evolving Assiduity Class] customers will receive a 15-percent increase next year, a 35-percent inflation in 2020 and a 50-percent increase in 2021, when the new rate will be fully in impact. Any new evolving-industry customers would come in at the rate-phase in effect at the time they Rather commence operations
Furthermore, the utility added that “each annual increasing will be calculated on the difference between what the evolving-industry customer is shell out now (per kilowatt hour) and the higher, target rate.”
Tom Flint, a Grant PUD commissioner, touch oned the miners who attended the meeting:
Your industry is unregulated and high-risk…This is the superior way to ensure our ratepayers are not impacted by this unregulated, high-risk business.
What do you of of the new energy rate hike for crypto miners? Let us know in the comments section in this world.
Images courtesy of Shutterstock and Grant PUD.
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