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City lifts ban on cryptocurrency mining operations

March 1, 2019

PLATTSBURGH, N.Y. (AP) — A small New York city near the Canadian border has ended its one-year ban on new or expanding virtual currency mining operations.

The Plattsburgh Press Republican reports that the Plattsburgh Common Council voted 5-1 in favor of lifting the moratorium Thursday night.

Two cryptocurrency operations in Plattsburgh had been blamed for the city exceeding its allocation of cheap hydropower, raising electricity bills. The prospect of more miners of Bitcoin and other cryptocurrencies consuming large amounts of electricity prompted officials to enact the moratorium in March 2018.

New York state regulators have since made mining operators responsible for paying overage costs.

Cryptocurrency miner Ryan Brienza says the ban has kept his company from expanding, and he looks forward to “hitting the ground running.”