When we hear bitcoin, we automatically associate with high energy consumption. While many projects have since formed to resolve the giant’s several flaws, Bitcoin is still preferred as it is the original digital asset and is considered the safest bet. According to a recent report shared by Geek Wire, Grant County has voted in favor of increased electricity rates for those mining bitcoins.
Grant County is known for its established hydropower facility in all of the U.S, hence this news was definitely expected. As per the new rate dubbed, “evolving industry”, firms that fall into this category will be provided with an additional two megawatts of power up to 7.9 cents per kilowatt hour for three years.
The increased rate is to protect the hydropower facility from any potential risk and is considered reasonable given the amount of power mining activities require. As quoted from the press release, this increase will also help “to subsidize sustainable below-cost rates for residential, irrigation and small and medium-sized business customers.”
Further emphasis on the risks was placed and it was revealed that industries categorized as “evolving industry” present three types of risks, which include regulatory, business and concentration. Regulatory and business risk, as they clearly indicate is the potential suspension in activity that might arise. Concentration risk takes into consideration the amount of electricity used and over some time frame.
According to Commissioner Larry Schaapman, he doesn’t “view miners as villains,” adding that miners are welcomed at “the data centers, but you can only do one thing – mine bitcoin.”
To read the entire press release, go to: grantpud.org/your-pud/media-room/news