- The promise of Washington state to provide cheap hydroelectric power for Bitcoin miners apparently went in vain.
- Chelan County has now executed a new cryptocurrency rate hike by twenty-nine percent.
- The cheap and renewable hydropower made Washington state a popular and favorable place for Bitcoin mining.
Washington promised cheap hydroelectric power for Bitcoin miners but it seems like they lured the folks into the red circle.
A rate hike of 29% has been created particularly for Bitcoin miners in Chelan County. And it went into effect at the start of this month. Earlier the miners used to pay a lower, high-density load rate for their electricity. And now they would have to pay a newly developed crypto rate addressed as Rate 36.
According to Gary Arseneault, a Chelan County Public Utility District (PUD) commissioner, What they did as a commission, and what they did as a utility was industry-leading, to develop a new rate for this type of demand.
Energy Information Administration signifies that in 2020, Washington state accounted for approximately two-thirds of all hydroelectric power generated in the U.S. And the cheap and renewable hydropower made the state a popular place for Bitcoin mining.
Hashrate is basically the measure of total computing power on a blockchain. Washington state had a total of 4% hash rate in the US as of December 2021. Although it’s not that big in comparison to others.
It works with the Proof-of-work(PoW) model which comprises computers participating in doing some work while attempting to find the value that the algorithm defines. Each miner takes the number of transactions submitted by users in approximately ten minutes and creates a block. They compute the data from the transactions in the block to discover the value designated. The miner who finds the value first contributes to adding the block to the ledger (the next block).
For instance, Georgia accounts for 31%, Kentucky accounts for 11%, so does Texas, and New York has 10%.
As of writing, the flagship cryptocurrency is trading at $30,014 with a market cap of $572,194,568,493 and is down by around 1% in the last twenty-four hours.
Source: https://www.thecoinrepublic.com/2022/06/10/bitcoin-miners-to-witness-rate-hike-by-29-on-hydroelectric-power-in-washington/