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Bitcoin, Blockchain, and the Energy Sector Cryptocurrency Mining and Utilities: Domestic and International Examples Cryptocurrency mining includes costs associated with equipment, facilities, labor, and electricity. Mining pool companies around the world therefore seek cheap, reliable electricity. While many mining pools are still in China, some have been able to utilize closed industrial facilities in the United States that can provide abundant electricity at affordable rates. As miners are not typically bound by geographic location, locations with favorable electricity rates and policies may encourage operations. Conversely, locations with restrictive regulations or high electricity prices may discourage mining operations. In the United States, the sale of electricity is governed by a patchwork of federal, state, and local regulations. For the sale of electricity, the states generally have regulatory jurisdiction over retail electricity transactions, though federal and municipal authorities may also play a role.43 State approaches to regulation vary considerably. States and cities that are dealing with an influx of cryptocurrency mining because of affordable electricity rates are instituting local laws as issues arise. Examples of such approaches—both domestic and international—along with the more general benefits and challenges associated with developing a cryptocurrency mining industry are delineated through the selected examples below. New York State The State of New York and the City of Plattsburgh (NY) have developed various policies in response to growth in energy demand by cryptocurrency mining activities. In December 2018, New York State approved Assembly Bill A8783B, creating a new digital currency task force. This task force will include a team of technology experts, investors, and academics all appointed by the Governor, the state Senate, and the Assembly.44 The task force intends to produce a report in 2020 that includes a discussion of “the energy consumption necessary for cryptocurrency mining operations and other policy considerations related thereto.”45 The task force law does not include any specific measures regarding licensing, but New York State already requires a license for cryptocurrency businesses, known as a “Bitlicense.” Introduced in 2014, fewer than 20 licenses have been granted as of January 2019. The Bitlicense is intended to subject crypto mining companies to anti-money laundering and counterterrorism standards, as well as require background checks on all employees.46 43 For a details on jurisdiction of state and federal policies in regards to electricity markets, see CRS Report R44783, The Federal Power Act (FPA) and Electricity Markets, by Richard J. Campbell. 44 Nikhilesh De, “New York Forms Blockchain Study Task Force, Hints at BitLicense Update,” Coindesk, Janaury 2019, https://www.coindesk.com/new-york-forms-blockchain-study-task-force-hints-at-bitlicense-update. 45 Jason Plautz, “New York State to Launch Cryptocurrency Task Force,” Smart Cities Dive, January 4, 2019, https://www.smartcitiesdive.com/news/new-york-state-to-launch-cryptocurrency-task-force/545250/?utm_source= Sailthru&utm_medium=email&utm_campaign=Issue:%202019-01- 04%20Smart%20Cities%20Dive%20Newsletter%20%5Bissue:18783%5D&utm_term=Smart%20Cities%20Dive. 46 Aaron Wood, “New York Financial Regulators Grant BitLicense to Bitcoin ATM Operator,” Cointelegraph, January 31, 2019, https://cointelegraph.com/news/new-york-financial-regulators-grant-bitlicense-to-bitcoin-atm-operator. Congressional Research Service 10PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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