A unique characteristic of many upstate New York cities is their low energy rates. Hydroelectric dams along the St. Lawrence river give residents electricity so cheap that many even heat their homes with it.

The region made perfect sense for crypto miners during the “gold rush” days of 2017 and early 2018, and the increased demand from the Bitcoin mining industry created the problem of increased electricity demand driving up the costs. Mining Premiums & Government Action + Crypto Winter = Toxic Environment for Bitcoin Miners Some municipalities like Lake Placid put a ban in place, learning from the experience

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