New York hopes to attract miners with new electricity rates

According to BTCMANAGER, New York State has approved a new set of utility rates designed to attract crypto miners to further invest in the state. Under the new framework, upstate New York has used low electricity prices to facilitate crypto miners to negotiate contracts with utility providers.

According to BTCMANAGER, electricity used in crypto mining is increasingly becoming a hotly debated topic and has attracted the attention of regulators in China, Venezuela and Canada. In developing countries such as Venezuela and China, it is seen as a waste of electricity, but regulators in countries such as Canada view crypto mining as an activity whose electricity consumption will eventually increase electricity prices for all users.