New York Approves New Electricity Rates for Crypto Miners


New York is seeking to foster growth in its cryptocurrency mining sector, with the New York State Public Service Commission (PSC) approving new electricity rates for Massena Electric Department. The new provisions will facilitate “high‐density load customers, as such cryptocurrency companies” accessing “individual services agreement tariff[s],” including “protect[ion] […] from increased supply costs.”

A PSC release states that “cryptocurrency customers and other high‐density‐load customers will be eligible for service under an individual service agreement if their maximum demand exceeds 300 kW, and the customer provides benefits to the utility. The change allows Massena to recognize potential benefits associated with high‐density‐load customers, such as increased utilization of currently underutilized transmission and distribution facilities.”

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