Crypto Miners to See Bitcoin Mining Energy Rate Spike by Chelan County’s PUD

Crypto Miners Complain As Chelan County’s PUD Plans on Increasing The Bitcoin Mining Energy Rate

Recently, a group of crypto miners located in Washington held a round of meetings with local electricity providers where they discussed the planned increment in power rates. Nevertheless, the meeting did not produce any useful results as the PUD officials have since postponed the public hearings to a later date.

Bitcoin Miners In Washington Are Lamenting High Power Rates

Based on a report compiled by iFiberon, miners in Washington state region gathered together to protest about the impending increment in electricity prices, which would likely increase their business costs significantly. According to sources privy to that matter, the area’s PUD is planning to secure a 7%-10% Kwh increase on all bitcoin mining in the county.

This proposed electrical increment has the potential of making power for crypto mining activities much costlier in Washington as compared to California, which is regarded as one of the most expensive states with high power rates. According to one miner who was involved in the process, Nicki Martini, the new power costs would end up costing him more money after the initial high investment of cryptocurrency mining hardware. He declared that he was keen to prevent that increment from coming into effect.

Steve Wright on his part as the PUD manager noted that while there was an impending price hike, it was not as exaggerated as the crypto miners were claiming. He added that the entire team and board would thoroughly review the energy requirements of local cryptocurrency miners and consider that when making the power price considerations.

In the meantime, the PUD board officials postponed the public hearing to 17/10/2018, while confirming that the suspension on new cryptocurrency mining applications in Chelan county still stands. Becky Peters, a local crypto miner said that if the new increment is adopted, then she will likely lose her business.

Local Residents Unhappy With Miners

Many residents who don’t engage in the activity of cryptocurrency mining have criticised the miners while arguing that it does not provide any economic value to the whole community. One resident, Jeanne Poirer condemned the miners saying that it was just a few individuals looking for money and that they do not provide any jobs to people or give back to benefit the community. Meanwhile, the PUD halted new applications for mining operations within the county in March 2018, while placing security measures in place to deal with the agitations from miners.

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