mining is about to become a costlier proposition in upstate New .

The New York Public Service Commission on Thursday cleared the New York Municipal Power Agency to raise electricity bills for cryptominers seeking to take advantage of the state’s low-cost hydroelectric power. The agency is made up of 36 municipal power authorities in the state. In some cases, the miners R; which require huge amounts of electricity for processing R; accounted for a third of a municipal utility’s demand, the commission said.

“If we hadn’t acted, existing residential and commercial in upstate served by a municipal power authority would see sharp increases in their utility bills,” Commission Chair John Rhodes said in a statement.

Bloomberg News

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