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Bitcoin, Blockchain, and the Energy Sector allow high-density load customers—such as cryptocurrency companies—to be eligible for service under an individual service agreement.62 This is the second ruling by the Commission on cryptocurrency rates. Washington State By some estimates, the state of Washington hosted 15%-30% of all Bitcoin mining operations globally in 2018.63 Like New York, Washington has affordable, reliable hydropower. Along the Columbia River in a region known as the Mid-Columbia Basin, five hydroelectric dams reportedly generate nearly six times as much power as the residents and local businesses can utilize.64 These hydroelectric facilities typically export the surplus electricity to larger electricity demand markets, such as Seattle or Los Angeles, which helps to keep the costs of electricity relatively low for local consumers at about $0.025/kWh (as compared to the U.S. average retail price of about $0.10/kWh).65 Since 2012, the Mid-Columbia Basin has reportedly attracted Bitcoin mining companies because of low-priced electricity, and the resulting growth in energy demand has challenged the cost structure of several of the region’s public utility districts (PUDs).66 Several PUDs imposed a moratorium on new applications for mining operations. The moratorium was issued as public utilities are required to hear and rule on applications for future power contracts. If the applications for mining operations continued to be approved, the contracts could have outpaced the public utilities’ original projections and planning for demand increases. For example, in Douglas County—where the bulk of the new mining projects are occurring—a new 84-MW substation that was previously expected to provide enough capacity to serve the area for the next 30 to 50 years under a normal population growth scenario was fully subscribed in less than a year.67 In response, the PUDs will have to find alternatives for meeting the growing demand, such as purchasing power on the open market. In addition, there are concerns over the cost of upgrading new infrastructure, including substations and transmission lines, and who would bare those costs. PUDs in the region are also challenged by “rogue” miners, those that set up server equipment in homes without any proper licensing, permits, or infrastructure upgrades. These servers have a larger demand for energy than the infrastructure in a residential community is designed to provide. It is relatively easy for the PUDs to locate rogue miners given the abnormal increase in power demand; once identified, the miners are required to obtain the proper equipment and permits but may simply move operations to another unpermitted location.68 62 New York Public Service Commission, “PSC Approves New Cryptocurrency Electricity Rates for Upstate Utility,” press release, New York Public Service Commission, 18052/18-E-0211, July 12, 2018, http://www3.dps.ny.gov/pscweb/webfileroom.nsf/ArticlesByCategory/BB3E5C36350EFF3A852582C8005D1D79/$Fil e/pr18052.pdf?OpenElement. 63 Paul Roberts, “This Is What Happens When Bitcoin Miners Take Over Your Town,” Politico, March/April 2018, https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230; hereinafter Paul Roberts, March/April 2018. 64 Paul Roberts, March/April 2018. 65 Paul Roberts, March/April 2018; U.S. Energy Information Administration, “State Electricity Profiles: Data for 2016,” January 25, 2018, https://www.eia.gov/electricity/state/. 66 Paul Roberts, “Bitcoin Backlash as ‘Miners’ Suck up Electricity, Stress Power Grids in Central Washington,” Seattle Times, updated May 29, 2018, https://www.seattletimes.com/business/bitcoin-backlash-as-miners-suck-up-electricity- stress-power-grids-in-central-washington/; hereinafter Paul Roberts, May 29, 2018. 67 Paul Roberts, May 29, 2018. 68 Paul Roberts, March/April 2018. Congressional Research Service 13PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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