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Turkey’s central bank sharply raised rates—defying President Recep Tayyip Erdogan’s demand to cut them—in an attempt to counter the country’s economic problems and reverse growing investor aversion to emerging-market economies.
WSJ.com: What’s News Europe
U.S. stock indexes fell Friday after President Trump said he may intensify his trade war with China. And a strong jobs report pushed investors to brace for higher interest rates.
The Standard & Poor’s 500 index bounced between modest gains and losses in an up-and-down day, but its most decisive…
Federal Reserve Chairman Jerome H. Powell on Friday defended the central bank’s policy of gradually increasing a key interest rate, brushing off President Trump’s recent public criticisms.
Powell did not mention Trump in a speech at a central bankers conference in Jackson Hole, Wyo. But speaking…
The Bank of England raised its benchmark interest rate for only the second time in a decade, as worries over inflation trumped concerns about Brexit and a brewing global trade war.
WSJ.com: What’s News Europe
An Aeromexico flight carrying 103 people crashed shortly after takeoff from an airport in northwestern Mexico, forcing passengers to escape via emergency slides before the aircraft went up in flames. No one died.
CNN.com – RSS Channel – Regions – Americas
Trump is pressuring the Fed to keep interest rates low. Nixon actually did it — and damaged the economyJuly 29, 2018 | dailybusinessnews
The Federal Reserve was raising interest rates and the president wasn’t happy about it.
No, it wasn’t President Trump, who took the unusual step of publicly criticizing the independent central bank last week. It was another volatile president — Richard Nixon — and the experience presents a cautionary…
Spirit Airlines improves on-time arrival rates in hopes of shaking off reputation as an unreliable carrierJuly 28, 2018 | dailybusinessnews
Since Spirit Airlines launched in 2007 as an ultra low-cost carrier, the Florida-based airline has developed a reputation for dirt cheap, no-frill airfares, low on-time arrival rates and high flight cancellations.
But Spirit Airlines seems to be making some progress in fixing its tarnished image.
In recent mining news, Brookstone Partners has announced its intention to build a 900-megawatt wind farm in Dakhla, Morocco, Hydro-Québec has been given permission to charge cryptocurrency miners increased rates, and DMG has begun installing its 85-megawatt substation in Canada.
Brookstone Partners Plans 900 MW Wind Farm in Morocco to Power Mining
Brookstone Partners, a New York-based private equity firm, has announced plans to construct 900 megawatt (MW) wind farm near Dakhla – a disputed territory presently administered by Morocco.
Brookstone founded ‘Soluna’ – the site that will house the proposed wind farm – after acquiring rights to the land from Altus AG. The company hopes to raise $ 100 million USD via initial coin offering to finance the construction of its first 36 MW worth of turbines. The cost of completing the entire project is estimated to run as high as $ 3 billion.
The managing director of Brookstone, Michael Toporek, stated: “We have exclusive rights to the area for a wind farm, but the issue was there’s no real place to put” the electricity. “These days, what you can do with stranded power is set up a computing center, develop this as an off-grid project,” he added.
Brookstone will use the power it generates to power cryptocurrency mining and data centers.
Hydro-Québec Granted Permission to Charge Increased Rates to Crypto Miners
The fourth largest hydropower producer in the world, Hydro-Québec, has been granted permission to increase the rates charged to cryptocurrency miners by the Régie de l’énergie – the economic regulator of Québec’s energy sector. Hydro-Québec will now be permitted to charge 15 Canadian cents (approximately 11.5 U.S. cents) to cryptocurrency miners – double the rate that is available to Quebec’s residential clients.
According to local media, the new rate “would be applied in the event that a promoter connects to Hydro-Québec’s network while a temporary blockade is in effect on the new technology,” with the official decision stating: “The Régie considers that the rates and conditions […] will ensure the security of electricity supply in the particular context of massive, sudden, unexpected and simultaneous demands for the use of blockchain technology, including mining cryptocurrencies.”
Agreements made between Hydro-Québec and operational cryptocurrency miners before June 6th will not be subject to the new price.
DMG Begins Installing 85-Megawatt Power Substation in Canada
Canada-based DMG Blockchain Solutions Inc. has announced the commencement of construction of its “85-megawatt transformer and electrical substation.” The power generated by the substation will be used to fuel the company’s “flagship cryptocurrency mining facility.”
DMG anticipates that the substation will be “connected to the utility power grid and commissioned for full operation in 2018, at which time, it will have 60 megawatts available for energizing mining rigs.”
DMG’s chief operating officer, Sheldon Bennett, stated: “Building and managing a cryptomining operation at an industrial scale requires a world-class supply chain as well as direct access to local government and electricity providers. Our management team at DMG is unique in that we have the experience, the relationships, and the capital backing to do this successfully.”
What is your response to Hydro-Québec being granted permission to increase the rates charged to cryptocurrency mining companies? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, https://twitter.com/dmgblockchain
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New York is seeking to foster growth in its cryptocurrency mining sector, with the New York State Public Service Commission (PSC) approving new electricity rates for Massena Electric Department. The new provisions will facilitate “high-density load customers, as such cryptocurrency companies” accessing “individual services agreement tariff[s],” including “protect[ion] […] from increased supply costs.”
New York Crypto Miners Eligible to Apply for “Individual Service Agreement”
A PSC release states that “cryptocurrency customers and other high-density-load customers will be eligible for service under an individual service agreement if their maximum demand exceeds 300 kW, and the customer provides benefits to the utility. The change allows Massena to recognize potential benefits associated with high-density-load customers, such as increased utilization of currently underutilized transmission and distribution facilities.”
Commission Chair John B. Rhodes described the new rates as “part of our continuing effort to balance the needs of existing customers with the need to attract new companies, we must ensure that business customers pay a fair price for the electricity that they consume,” emphasizing that “the abundance of low-cost electricity in Upstate New York, [provides] an opportunity to serve the needs of existing customers and to encourage economic development in the region.”
The Public Service Commission has stressed the economic benefits that increased investment on the part of cryptocurrency companies could reap for the county, stating that “Massena to receive significant revenues if new cryptocurrency companies set up shop in the community,“ and that in the event of such, “the utility would be required to defer the revenues for the benefit of ratepayers.”
Municipal Utilities Face Increasing Demand From Cryptocurrency Miners
PSC states that “In recent months, several municipal power authorities had seen an increase in requests for new service from new commercial customers for disproportionately large amounts of power. These requests come mainly from similar types of potential customers: server farms, generally devoted to data processing for cryptocurrencies. As a direct result of the intense computer data-processing efforts, these companies are using extraordinary amounts of electricity — typically thousands of times more electricity than an average residential customer would use.”
“While such a significant amount of electricity usage might go unnoticed in large metropolitan areas,” PSC continues, “the sheer amount of electricity being used is leading to higher costs for customers in small communities because of a limited supply of low-cost hydropower.”
The commission describes the creation of the new electricity rates as seeking to “mitigate the impact on existing customers, the Commission has already allowed municipal power authorities.”
Massena’s tariff revisions are scheduled to come into effect from July 17th, 2018.
What is your response to the introduction of individual services agreement tariffs for cryptocurrency miners in Massena? Join the discussion in the comments section below.
Images courtesy of Shutterstock
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Cash is creeping back.
With interest rates rising and the stock market cooling from its big gains last year, some savers and investors are placing more money into once-dormant cash-related products such as money market funds, bank certificates of deposit and Treasury securities.
The net assets…