- Bitcoin mining is one expensive activity someone can organize, as it consumes a heavy amount of electricity.
- The latest electricity rates for miners were anticipated to be introduced at the beginning of this year, but it was delayed.
- As of now, the crypto market was receiving heavy blows and Bitcoin was trading down 13.65% during the past 24 hours.
Ready For Some Hike Crypto Miners….. In Your Electric Bill
Bitcoin mining sure is a profitable activity, but with something as good as profit, there’s a cost. In this case, it’s the expenses incurred in extracting the crowned cryptocurrency, especially the electricity expenses.
Public Utility District Commissioners have given approval to a bill this week that will escalate the electricity charges with respect to Bitcoin mining in Washington’s Chelan County.
According to a report, there’s going to be a 29% hike in the electricity bill for Bitcoin miners. This step has actually shifted the mining organizations from the common charging schedule of ‘high density’ to a fresh schedule, called Rate 36, specifically for crypto miners.
Chelan County PUD Commissioner, Garry Arseneault, said that what they did as a commission and utility was industry-leading, to make a fresh rate regarding this kind of demand.
Increasing rates for mining operations is technically fair as they consume a heavy amount of power, and will make a balance.
In context to the heavy electricity consumption by the crypto operations, Douglas County has put restrictions on establishing new mining firms in the county. Persisting organizations are already utilizing 25% of the accessible electricity.
The latest rates with the hike were anticipated to roll out during the month of January,, but got delayed till June.
Bitcoin Mining Operations To Get Wiped?
It is unlikely that Bitcoin miners will back off with this hike in electricity bills. For the latest mining organizations that cannot bear the latest schedule, the commission has provided 3 verified mining platforms for signing transition contracts. This will escalate the price gradually rather than exponentially.
Malachi Salcido, Salcido Enterprise’s CEO, stated to a domestic news channel that because of this hike, he needed to re-configure 3 of his mining platforms into data farms in Chelan County.
He also owns 4 mining platforms apart from these couple of platforms he is thinking of moving.
Crypto mining has always made news regarding its impact on the environment because of the carbon footprints. This is why Ethereum is also shifting its proof of work algorithm to proof of stake, reducing carbon emission.
Source: https://www.thecoinrepublic.com/2022/06/13/washington-bitcoin-miners-now-have-to-pay-more-in-electricity-bills/