Plattsburgh, New York, a sleepy town of about 20,000, found itself at the nexus of the crypto-mining universe thanks to very low cost power -- but that caused problems the city hopes to reverse. The city council is proposing a new set of rules to limit the heat and noise generated by mining facilities. Plattsburgh has attracted a significant number of mining operations due to its low electricity costs -- upwards of 60% below national averages. Mayor Colin Read, earlier this year, touted the city has the "cheapest electricity in the world" with industrial rates as low as ~2.5 cents/kilowatt-hour. Residential averages in the U.S. are four times that. When consumer bills began to soar as a result of mining, Plattsburgh imposed an 18-month moratorium on new operations in the city. These new rules are designed to mitigate the impact of new mining facilities and could lead to the lifting of the moratorium (Source: CoinDesk)
The SEC and OSC conducted a joint investigation into two allegedly fraudulent firms, unveiling parallel charges today.