US City Bans Cryptocurrency Mining

plattsburgh_cryptocurrency_miningPlattsburgh in New York is the first city to ban cryptocurrency mining. The ban when in effect, will last for the next 18 months. vente de coque iphone The city’s council unanimously voted to impose the ban while it considers regulations for cryptocurrency miners. coque iphone The mayor of Plattsburgh said that his city has the cheapest electricity rates in the world. This has led to many cryptocurrency mining companies setting up shop to mine digital currencies. soldes coque iphone Crypto mining typically requires a large amount of power and these companies want to profit as much as they can. coque iphone The biggest mining company in Plattsburg, Coinmint, used about 10 percent of the entire city’s electricity budget between January and February. coque iphone 2019 soldes Cryptocurrency mining requires computers to solve mathematical problems which secure the blockchain the cryptocurrency is on and support transactions. People who dedicate their computers to solving these problems are rewarded with tokens, typically blocks of whatever cryptocurrency is being mined. The mathematical problems become more difficult as more cryptocurrency is being mined which means larger computers and more power is needed to support mining operations. coque iphone 2019 At the end of 2017, South Korean company Samsung, announced it had begun producing chips for cryptocurrency mining. This happened a few weeks after gaming video cards became scarce due to excess demand by miners. Due to more use of electricity in the area, Plattsburgh had to purchase more electricity from suppliers and charge its residents more. coque iphone soldes Residents then filed several complaints as their bills rose by hundreds of dollars monthly. The ban will take effect once it is filed with New York State, giving the city officials and cryptocurrency miners 18 months to come to a decision on how to sort out its electricity issues.