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| April 24, 2018

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Rising interest rates sounding alarm bells for debt-laden consumers

April 16, 2018 |

A healthy economy can be a dangerous thing.

Americans have a history of loading up on debt in good times, then paying dearly when the bills come due. Adding to the pain: A booming economy is often accompanied by rising interest rates, which make mortgages, credit cards and other debt much more…


L.A. Times – Business

Fed Raises Rates, Signals Faster Pace in Coming Years

March 22, 2018 |

The Federal Reserve said it would raise short-term interest rates a quarter-percentage point and signaled it could lift them at a slightly more aggressive pace in coming years to keep the strengthening economy on an even keel.
WSJ.com: What’s News Asia

Stocks wobble as investors wait for Fed news on interest rates

March 21, 2018 |

U.S. stocks are mixed Wednesday morning as investors wait for news on interest rates from the Federal Reserve. The Fed is widely expected to raise rates, and investors will be watching closely for clues about how many more increases the central bank may make this year and also for the Fed’s assessment…


L.A. Times – Business

New York Power Companies Can Now Raise Rates for Bitcoin Miners

March 18, 2018 |

New York Power Companies Can Now Raise Rates for Bitcoin Miners

The state of New York may be a difficult place to set up a mining venture in the region as lawmakers have ruled that power companies can raise their electricity rates if miners choose to use the state’s hydropower.

Also Read: From ‘Attack’ to ‘Optimization’ — Slush Pool Reveals ASIC Boost Compatibility

Charging Higher Electricity Rates to Cryptocurrency Companies

New York Power Companies Can Now Raise Rates for Bitcoin MinersThe New York State Public Service Commission (PSC) has decided to allow municipal electricity providers the ability to raise rates for bitcoin miners and data centers. The reason NY officials chose to let power companies raise electric rates is because 36 municipal power suppliers petitioned the PSC committee. The power companies believe that when data centers and cryptocurrency miners take advantage of the cheap hydropower in the state, average customers lose out. The PSC ruling on March 15th states:  

The New York State Public Service Commission today ruled that upstate municipal power authorities could charge higher electricity rates to cryptocurrency companies that require huge amounts of electricity to conduct business. The ruling was needed to level the playing field and prevent local electricity prices for existing residential and business customers from skyrocketing due to the soaring local demand for electricity.

New York Power Companies Can Now Raise Rates for Bitcoin Miners

Cryptocurrency Entities: A Different Character Than Load Characteristics Typically Seen

According to the power companies, several of them have seen an increase in requests from commercial customers seeking large amounts of power. “These requests come mainly from similar types of potential customers: server farms, generally devoted to data processing for cryptocurrencies,” explains the filing.

The ruling goes on to state: “Cryptocurrency entities, such as Bitcoin developers, use massive banks of computers to run a complex software program that will create, or “mine”, digital currency — As some of these customers have come online, it has become clear that the type of electricity load demand was of a different character than load characteristics typically seen by NYMPA members.”

Any Operation That Exceeds 250 kWh Per Square Foot Per Year Will Face Tariffs

The news also follows the town of Plattsburgh New York proposing a moratorium request against bitcoin mining operations last week. News.Bitcoin.com reported on how the Mayor’s office cited concerns about the amount of energy consumption these operations were using. Plattsburgh’s Mayor Colin Read also detailed back in February that he would rather see high electricity consuming businesses pay real employees, rather than warehouses filled with just machines.

The PSC decision can be enforced by the electric providers this month the commission details, and it will allow power companies to create a new tariff on all high-density load operations. Those who exceed 300 kW and a load density that exceeds 250 kWh per square foot per year could see increases in costs next month.

What do you think about the New York State Public Service Commission allowing power companies to raise rates for miners? Let us know what you think in the comments below.


Images via Shutterstock, and the PSC filing and logo. 


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Bitcoin News

Dow tumbles 666 points as stock market drops amid fears of rising interest rates

February 2, 2018 |

Stock prices fell sharply from near record highs Friday, with the Dow Jones industrial average tumbling 666 points, or 2.5%, to close out the worst week on Wall Street in years.

The main trigger was growing concern about rising interest rates and inflation, and their impact on stocks going forward,…


L.A. Times – Business

Euro, Yen Tell Two Different Tales of Negative Rates

January 21, 2018 |

Japan and the eurozone share negative interest rates and stronger economic growth, but their currencies are heading in different directions.
WSJ.com: What’s News Europe

Fed Raises Rates, Sticks to Forecast for 2018 Increases

December 15, 2017 |

The Federal Reserve said it would raise short-term interest rates for the third time this year and remained on track to chart a similar path next year, signaling continuity as the central bank enters a leadership reshuffle.
WSJ.com: What’s News Asia

Paradise Papers spotlight Apple tax strategies amid GOP push to cut corporate rates

November 7, 2017 |

For years, Apple and other multinational firms have faced inquiries from government authorities about tactics they employed to lower their tax bills.

Now, new published reports show just how some of these global corporations tapped elite tax specialists to devise clever strategies, including island…


L.A. Times – Business

Bank of England Raises Rates Amid the Brexit Gloom

November 2, 2017 |

The U.K. economy is lagging the world, and the Bank of England says that Brexit is having a “noticeable impact” on the economic outlook. That is a gloomy place to start from for a rate increase.
WSJ.com: What’s News Europe

Bank of England Raises Interest Rates for First Time in a Decade

November 2, 2017 |

The Bank of England raised its benchmark interest rate for the first time in a decade, a telegraphed move that represents the latest step by the world’s major central banks to withdraw crisis-era stimulus.
WSJ.com: What’s News Europe