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Bitcoin, Blockchain, and the Energy Sector cryptocurrency companies operating in Plattsburgh at the time contributed to an increase of nearly $10 to monthly electricity bills in January 2018 for residential customers.54 In March 2018, the city of Plattsburgh also instituted an 18-month moratorium on any new cryptocurrency mining operations—a first in the United States.55 Also in March 2018, the New York Public Service Commission ruled that municipal power authorities could issue a tariff on high-density-load customers—including cryptocurrency companies—“that do not qualify for economic development assistance and have a maximum demand exceeding 300 kW and a load density that exceeds 250 kWh per square foot per year.”56 Additionally, Plattsburgh began addressing fire safety concerns, heat management, and overall nuisance associated with cryptocurrency mining by passing local laws.57 None of the new laws specifically address energy consumption, or noise, which is a concern for some local residents.58 Massena, NY In December 2017, Coinmint, a crypto mining company, looking to expand operations, went to Massena, NY (90 miles west of Plattsburgh) and signed a lease to convert a retired Alcoa aluminum plant into a cryptocurrency mining facility. Coinmint reportedly requested from NYPA 15 MW of subsidized power that would in turn lead to 150 jobs and $700 million in local investment.59 The proposal required the approval of NYPA’s board of trustees and was added to their January 2018 agenda for consideration.60 However, in March 2018, following consideration of the Coinmint proposal, the NYPA board of trustees approved a moratorium on allocating economic development assistance in the form of subsidized power to high-density-load operations until NYPA could analyze all possible impacts.61 The New York State Public Service Commission approved, in July 2018, new electricity rates for the Massena Electric Department to 54 New York Public Service Commission, “PSC Allows Upstate Municipal Power Authorities to Charge Higher Electricity Rates for Heavy Electricity-Using Cryptocurrency Companies,” 18018/18-E-0126, March 15, 2018, http://www3.dps.ny.gov/pscweb/WebFileRoom.nsf/Web/52BF38680307E75E85258251006476F0/%24File/ pr18018.pdf. 55 Patrick McGeehan, “Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception,” The New York Times, September 19, 2018, https://www.nytimes.com/2018/09/19/nyregion/bitcoin-mining-new-york-electricity.html. 56 The New York Public Service Commission regulates and oversees the electric, gas, water, and telecommunication industries in New York. New York Public Service Commission, “PSC Allows Upstate Municipal Power Authorities to Charge Higher Electricity Rates for Heavy Electricity-Using Cryptocurrency Companies,” 18018/18-E-0126, March 15, 2018, http://www3.dps.ny.gov/pscweb/WebFileRoom.nsf/Web/52BF38680307E75E85258251006476F0/%24File/ pr18018.pdf. 57 For example, see Providing Zoning Regulations for Commercial Cryptocurrency Mining Operations, City of Plattsburgh, Local Law P-7 of 2018, http://www.cityofplattsburgh.com/DocumentCenter/View/3808/Local-Law-P-7- of-2018-Providing-Zoning-Regulations-for-Commercial-Cryptocurrency-Mining-Operations-in-the-City-of- Plattsburgh. 58 Daniel D’Ambrosio, “Plattsburgh Turns Back Invasion of Bitcoin Miners,” Forbes, October 31, 2018, https://www.forbes.com/sites/danieldamrbosio/2018/10/31/plattsburgh-turns-back-invasion-of-bitcoin-miners/ #40d5ac7698b9. 59 JP Buntinx, “Coinmint Setting up a 435 Megawatt Bitcoin Mining Operation in New York,” Live Bitcoin News, June 6, 2018, https://www.livebitcoinnews.com/coinmint-will-set-up-a-435-megawatt-bitcoin-mining-operation-in-new- york/. 60 NYPA, “Proposed Agenda,” Joint Meeting of the New York Power Authority Board of Trustees and New York State Canal Corporation Board of Directors, January 30, 2018, https://www.nypa.gov/-/media/nypa/documents/document- library/notices-and-agendas/trustees013018.pdf. 61 NYPA, “Proposed Agenda,” Joint Meeting of the New York Power Authority Board of Trustees and New York State Canal Corporation Board of Directors, August 7, 2018, https://nypa.gov/-/media/nypa/documents/document-library/ notices-and-agendas/agenda-nypa-canal-joint-meeting—8-7-18.pdf. Congressional Research Service 12PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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