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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.
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Thomson Reuters is launching a cryptocurrency real-time rates data feed. The new service is expected to provide “reliable, real-time information” for six digital coins across major crypto exchanges. The stated goal is to encourage efficiency and transparency for cryptocurrency investors within the global market place.
Six Cryptocurrencies Will Be Tracked
The new Cryptocurrency Real Time Rates are already accessible through a customized API interface on Thomson Reuters Eikon platform. The application is providing trading data from various crypto exchanges including Bitflyer and Bitpoint. More trading platforms will be added in the future, according to a Reuters report.
The announcement comes after a recent Thomson Reuters survey found that cryptocurrency trading by financial firms is likely increase this year. About 20% of 400 finance companies participating in the study are considering entering trading crypto assets within 12 months. That means that one in every five of the undisclosed businesses plans to establish direct contact with cryptocurrencies in 2018.
Pricing data for the real-time rates will cover six cryptocurrencies, not mentioned in the report. The launch of the service could be interpreted as an indication that Reuters is considering embracing the digital asset class on its own trading platforms. In December, the mass media and information giant added bitcoin cash (BCH) to Eikon. BCH became only the third cryptocurrency to list on the platform after bitcoin core (BTC) and ethereum.
The latest release comes after an announcement from CME Group which is launching a daily price benchmark for Ethereum, as reported by Finance Magnates. The service will be provided in partnership with the cryptocurrency trading platform Crypto Facilities.
Earlier this year, Thomson Reuters Corp. announced the launch of a new version of the Marketpsych Indices sentiment data feed, which includes analysis of bitcoin market sentiment. The service is provided in cooperation with Marketpsych Data LLC, as news.Bitcoin.com reported in March. 400 news and social media sites, including many specific to cryptocurrencies, have been added to the feed. Each one of them is scanned and scored in real time to ascertain market-moving sentiments and themes.
Immense Growth Highlights Strong Momentum
According to Michael Go, head of FX Market Development for Asia Pacific at Thomson Reuters, the immense growth in the cryptocurrency market in the last decade highlights the strong momentum around the new technology and the tradable asset class. “Thomson Reuters Cryptocurrency Real Time Rates enhances our rate offering and helps create a transparent and efficient global marketplace, vital to the future stability of cryptocurrency trading to support the investor,” he commented.
“As the world’s largest cryptocurrency exchange, Bitflyer has made efforts to facilitate the development of cryptocurrency markets,” said Yuzo Kano, CEO and co-founder of the trading platform. He noted that Bitflyer is the first company to obtain license to trade cryptocurrencies in Japan, the US and Europe. “We are delighted to be able to provide valuable data to customers worldwide through Thomson Reuters,” Kano added.
President and representative director of Bitpoint, Genki Oda, also expressed satisfaction with the partnership on the real-time rates. “We are pleased to cooperate with Thomson Reuters in the further enhancement of its services and hope that our data will become a benchmark for the cryptocurrency industry as a global cryptocurrency trading exchange,” Oda said.
Do you think the introduction of services like the real-time crypto rates helps the adoption of cryptocurrencies? Share your opinions in the comments section below.
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