Plattsburgh then updated its building codes and noise ordinances. Coinmint voluntarily agreed to work with the city on those regulations.
For his part, Brienza believes that the moratorium was not necessary at all, because “the city could have attracted a lot of businesses.” He says that noise reduction has become a priority at Zafra’s new facility. Brancato says her house is finally quiet after Zafra began working with the city last summer to meet noise requirements.
applications for crypto farms. But with the new rules, few are interested. Instead, mining has taken off in the neighboring town of Massena, where Coinmint has a long-term lease on a former Alcoa aluminum plant.
Massena also suspended the opening of new cryptocurrency kazakhstan number data businesses in 2021. “We are not looking to ban companies, we just want to protect the character and safety of our city,” said a city council member.
The consequences will affect us all.
From 2016 to 2018, crypto mining in upstate New York increased annual electricity bills by approximately $165 million for small businesses and $79 million for individuals.
“Of course, investors see the value in cryptocurrency,” McMahon says. “But as a resident of this city, I don’t see it.”
Economist Matteo Benetton, a professor at the Walter Haas School of Business at the University of California, believes that crypto mining could hinder economic development at the local level.
In cities with fixed electricity supply, it absorbs the power of the network, which may result in electricity shortages, the introduction of rationing of services, and their disconnection.
Even in regions with ample access to energy, such as upstate New York, mining can crowd out other industries that can provide for more people.