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The stock market shook off a wobbly start and ended broadly higher on hopes that China and the US were making progress on resolving their trade dispute. Industrial and health care companies also posted some of the biggest gains Friday. Despite some weakness in chip companies, the technology sector managed…
Justice Department official Bruce Ohr—who President Trump says aided his political enemies during the campaign—may be the next person to have his security clearance revoked. “I think that Bruce Ohr is a disgrace, with his wife, Nellie,” Trump told reporters Friday, saying that he plans to yank Ohr’s…
The electric-car maker’s CEO again caught the financial world by surprise with a tweet about his desire to take the company private, revealing a list of advisers before arrangements with all of them were completed.
WSJ.com: US Business
A ProPublica story shines a light on what might be a new term for many: deadnaming. It refers to a practice abhorred in the transgender community: when somebody refers to a trans person by the name—and thus, the gender—they no longer use. The story by Lucas Waldron and…
The city of Salamanca in the U.S. state of New York is reportedly establishing a moratorium on cryptocurrency mining operations in the city. This will stop crypto miners from “using up all the residents’ power and effectively make all of them get a price increase on their utility bills,” a member of the city’s council explained.
City Council Voted for a Moratorium
The Common Council of the city of Salamanca in New York voted unanimously on Wednesday to approve Local Law No. 2 for 2018 and impose “a moratorium on commercial cryptocurrency mining operations in the city,” the Salamanca Press reported.
The news outlet described that according to the local law:
A moratorium would temporarily stop applications or proceedings, or the issuance of approvals or permits, for cryptocurrency mining operations in the ‘electric service area’ of the city of Salamanca.
The purpose of this moratorium is for the city to have “the opportunity to consider zoning and land use laws and municipal electric department regulations before commercial cryptocurrency mining operations result in [an] irreversible change to the character and direction of the city,” the publication conveyed. A public hearing on the local law will be held on September 12.
Buying Time to Set Rules
Salamanca council member Timothy Flanigan, who sits on the city’s Board of Public Utilities (BPU), explained that the BPU “does not yet have all the rules and regulations in place to properly deal with cryptocurrency operations.” Citing the sheer amount of energy crypto mining uses, he added that “this moratorium buys the city time to get rules in place without a blow to the electric system.”
Emphasizing the need to ensure that residential customers continue to have cheap power, he elaborated:
The thing that this [moratorium] will do is devoid people of using up all the residents’ power and effectively make all of them get a price increase on their utility bills because somebody else is using up all the cheap power.
A few other cities in the U.S. have introduced similar measures. In March, commissioners of a power district in Washington State’s Chelan County launched “an emergency moratorium on new high-density load hookups to give staff time to develop a plan for dealing with the demand for electricity from digital currency miners.” In the same month, the City Council of Plattsburgh, New York, adopted a local law prohibiting mining operations in the city, as news.Bitcoin.com reported.
Another small town in upstate New York, Massena, had a similar concern in July. The city’s regulators decided to charge crypto miners a higher rate for energy instead of imposing a moratorium.
What do you think of cities imposing moratoriums on crypto mining? Let us know in the comments section below.
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Is it football season already? It must be, based on President Trump’s tweets from Friday morning. After reports filtered out about some NFL players kneeling, raising their fists, and taking part in other forms of protest during preseason games on Thursday evening, Trump once more railed against those who did…
The “continued deterioration of traditional mall traffic” has taken another casualty. This time, it’s Brookstone, purveyor of various and sundry gadgets and gifts, which will close all of its 101 mall locations in the US as it files for Chapter 11 bankruptcy protection, CNBC reports. Brookstone’s 35 airport locations and…
The judge in Paul Manafort’s trial told prosecutors Wednesday not to use the word “oligarchs” to describe wealthy Ukrainians who paid millions to the former Trump campaign chairman, the AP reports. US District Judge T.S. Ellis III told attorneys for special counsel Robert Mueller that the term “oligarchs” has…
April, the giraffe whose pregnancy became an internet sensation , is pregnant again. Jordan Patch of Animal Adventure Park in Harpursville, NY, announced the pregnancy Wednesday on NBC’s Today show. Patch says the calf is due during the early part of spring, around March, reports the AP . April’s pregnancy drew more…