[2016-07-21]Bitcoin Miners in Washington to Pay More for Electricity

[BTCBinary]

Bitcoin Miners in Washington to Pay More for Electricity

Bitcoin miners in Chelan County, Washington will now have to shell out more for the electricity following Public Utility District‘s decision to increase energy tariff from next year. The increased energy rates are not just applicable to Bitcoin mining centers but to other energy intensive operations including regular data centers and server farms. According to reports, the public discussion and negotiations regarding the new electricity rates extended for over 18 months...

http://www.newsbtc.com/2016/07/21/bitcoin-miners-in-washington-state-to-pay-more-for-electricity/

[Gahs]

It simply means that county is not a good place to mine bitcoins. Better move one's mining rig elsewhere to make profit, or else...

[Efemen]

I think the miners should move out of Washington state to other cheap electricity place. It is a simple decision.

[European Central Bank]

This is not good news overall. We don't want every single transaction being handled by the chinese.

You often hear people talking about governments buying bitcoin. That's an insane idea but maybe they'd offer cheap power to miners?

Probably another insane idea.

[InvoKing]

Summary
" According to the Public Utility District commissioners, the new rates were introduced after they noticed a sudden surge in demand for electricity...driven by increased Bitcoin mining activity in the county "

" MGT Capital Investments Inc. (NYSEMKT:MGT), a company owned by John McAfee announced its plans to launch a new 2 PetaHash capacity mining operation in Washington State, expected to be operational next month "

the state try to make a profit from the miners but in fact it will probably force them to leave and will drive away the potential investors...

[botany]

I think the miners should move out of Washington state to other cheap electricity place. It is a simple decision.

They should just move to Iceland.
What competitive advantage could mining in Washington give you?

[European Central Bank]

isn't iceland slightly legally dicey? i thought their government had a problem with exchanging bitcoin for other currencies. i guess any miner there could declare exchanging was taking place in another country but they maybe they have a problem with that too.