Bitcoin Miners in Chelan County Battle Rising Electricity Fees

Bitcoin miners in Chelan County, Washington, will now have to pay increased electricity fees of 29%. According to a June 8 announcement by NewsRadio 560 KPQ, the County PUD Commissioners approved the adjustment this week, which would result in a 29 percent rise in the electricity required for Bitcoin mining. Mining companies are transitioning from the high-density load rate schedule to the newly created cryptocurrency rate schedule, known as Rate 36. This groundbreaking move, according to Commissioner Garry Arseneault, will serve a blow to bitcoin miners as the increased electricity fees will result in a rise in rates too. Arseneault stated: “What we did as a commission, and what we did as a utility was industry-leading, to create a new rate for this type of demand.” Overall, Bitcoin mining operations consume far more electricity than other consumers, resulting in a greater transfer rate. Bitcoin Mining Electric Consumption Because Bitcoin mining consumes approximately a quarter of the available electricity from the county PUD, Douglas County has decided to prohibit any new Bitcoin mining businesses from establishing themselves in the county. The Commissioners of the Chelan PUD agreed in 2018 to start charging cryptocurrency users a higher fee than other customers. It was meant to go into effect in January, but it has been postponed until June. It will now take effect from June 1 due to a decision made by the PUD Commission on...