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Bitcoin, Blockchain, and the Energy Sector Plattsburgh, NY Plattsburgh’s 20,000 residents reportedly have electricity rates below $0.05 per kilowatt-hour (kWh) year-round (as compared to the U.S. average retail price of about $0.10/kWh).47 Inexpensive electricity for Plattsburgh is generated from the New York Power Authority’s (NYPA’s) hydroelectric facility on the St. Lawrence River. Plattsburgh has an agreement with the NYPA to buy 104 MW of power at any time to serve its customers.48 This has exceeded electricity demand requirements for Plattsburgh, even with several industrial facilities in operation. Plattsburgh has faced a number of challenges balancing the promise and pitfalls of cryptocurrency mining. Bitcoin mining companies were attracted to the abundant and cheap electricity, with two cryptocurrency mining businesses reportedly operating in Plattsburgh in 2017.49 As Plattsburgh residents primarily rely on electricity for home heating, during a particularly cold winter in early 2018, electricity rates increased as the 104 MW of power from the hydropower facility was reportedly exceeded, and electric power had to be purchased from other sources at higher rates.50 During January and February of 2018, cryptocurrency mining operations were recorded as responsible for approximately 10% of the local power demand.51 The cost of purchasing additional power to meet the increased demand were proportionally distributed among all customer classes.52 The costs of purchasing additional power combined with increased energy use in response to cold weather resulted in residential electricity bills that were reportedly up to $300 higher than usual.53 According to the New York Public Service Commission, the two 47 Daniel Oberhaus, “The City That Banned Bitcoin Mining,” Motherboard, March 16, 2018, https://motherboard.vice.com/en_us/article/8xk4e4/bitcoin-ban-plattsburgh-coinmint-mining; U.S. Energy Information Administration, “State Electricity Profiles: Data for 2016,” January 25, 2018, https://www.eia.gov/electricity/state/; and 2017 population estimates from U.S. Census Bureau, “QuickFacts: Plattsburgh City, New York,” accessed December 21, 2018, https://www.census.gov/quickfacts/fact/table/plattsburghcitynewyork/RHI225217. 48 See Cara Chapman, “City of Plattsburgh Electricity Mostly Hydropower,” Press-Republican, December 1, 2015, https://www.pressrepublican.com/news/local_news/city-of-plattsburgh-electricity-mostly-hydropower/ article_6b2af2d7-8d62-515b-8bb1-33874af7aafb.html; Willdan Energy Solutions, NY Prize Task 5 Milestone Deliverable: City of Plattsburgh Final Report, August 2016, p. 13, https://www.nyserda.ny.gov/-/media/NYPrize/files/ studies/56-City-of-Plattsburgh-SUNY.pdf. 49 “Plattsburgh Putting Brakes on Bitcoin Boom,” Watertown Daily Times, March 19, 2018, https://www.watertowndailytimes.com/news05/plattsburgh-putting-brakes-on-bitcoin-boom-20180319. 50 The amount that electricity rates increased varies across reports and customer class. Plattsburgh’s reliance on electricity for home heating is unusual for the New York and the United States, on average. According the Energy Information Administration’s (EIA’s) 2015 Residential Energy Consumption Survey, 47% of U.S. households rely on natural gas for heating, and for cold regions of the United States, more than 60% of households rely on natural gas use for home heating; see EIA, “U.S. households’ heating equipment choices are diverse and vary by climate region,” April 6, 2017, https://www.eia.gov/todayinenergy/detail.php?id=30672. EIA also reports that “about one in nine New York households use electricity for heating.” EIA, “Profile Analysis,” New York: State Profile and Energy Estimates, August 16, 2018, “https://www.eia.gov/state/analysis.php?sid=NY. 51 Ana Alexandre, “New York State Regulators Approve New Power Rate Structure for Crypto Miners,” Cointelegraph, July 13, 2018, https://cointelegraph.com/news/new-york-state-regulators-approve-new-power-rate- structure-for-crypto-miners. 52 Electricity customers are divided into three main classes: residential, industrial, and commercial. These classes are grouped by similar characteristics to set a rate for electricity service, which varies by class. 53 Joe LoTemplio, “PSC Allows Higher Rates on Cryptocurrency Plants,” Press-Republican, March 15, 2018, https://www.pressrepublican.com/news/local_news/psc-allows-higher-rates-on-cryptocurrency-plants/ article_7ea71709-c1d3-5d6e-81ac-d35c91c50f5e.html. Congressional Research Service 11PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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