The City That Banned Bitcoin Mining

On March 15th, 2018, the city of Plattsburgh in upstate New York issued an 18-month moratorium on cryptocurrency mining.

Plattsburgh is part of a long-standing power agreement that gives the city an allotment of some of the cheapest electricity anywhere in the world, but a recent influx of cryptomining companies and their energy-draining rigs have raised power prices at the expense of the general population.

The ban is meant to be a temporary arrangement, but it could potentially end all cryptomining investment in the city.

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[CatsMeowPaw]

It's a lie to suggest crypto mining can bring in money and jobs into a community. It only takes a few people to take care of thousands of miners in a warehouse once the initial set up is done. Even the initial phase only provides employment for a few people for maybe a few weeks at most, even for the largest operations.

The bitcoins are sold on international exchanges and the money is not spent in the community. The miner rigs aren't made there either. Once someone offers cheaper power elsewhere the whole operation can be moved in a few weeks.

[piprod]

"If you start denying bitcoin miners you're not going to get the IBMs, you're not going to get the googles and the facebooks"

Lol

[thesaltyj]

I love how the dude speaking against the mining operation still gives credit to his opponent at 5:39

[xWood]

Bitcoin isn't profitable to establish on. Most farms do alternative currencies.

[LMAccount]

The problem I have is they say their operation will attract new tech jobs. All they’re doing is setting up automated warehouses, at the most they’re going to hire a janitor or IT guy. They’re not going to attract new tech geniuses because they’re not making new technologies or doing research. I’m all for crypto currency, but if it’s causing so much trouble for an urban community they need to find an alternative power supply. I also don’t like his quote “Deny Bitcoin miners you won’t get your googles and facebooks”

[joryferrell]

In a way....those mining companies are charging the local residents money and putting it in their own pockets...while offering nothing of value in return.

[GhostLyricist]

10% of a town's electricity for one person to make a minuscule amount of money at the rate you can mine Bitcoin today. That's just sad...

[whitetiger]

Why not charge the extra cost to the Bitcoin Mining Comany and not the locals...

[chrxx]

Just ban them. These people really don't give two craps about your town. They don't create jobs, they don't do anything but waste electric resources for their own profit. It takes like what 1 - 2 guys max to operate and maintain a mining center like that.

[MrNightpwner]

I don't see how Bitcoin creates jobs. It's all automated mining isn't it? Set up and go. 2 or 3 people? Computer parts are bought online, not local.

[exthematrx]

It's like so perfect cause it's cold af

[DerettoAlexiel]

the block chain the block chain. bitcoiners love to spew that word out but never say how they are going to help anyone but them selfs. this guy in the vid is a full on hack just lookin to make a buck XD.

[cannedggs]

that mayor seems like a very pleasant man

[magmagon]

Please do, I want a GPU.




Also, just charge more for power for miners.

[unix-oqcw]

I think they need legislation allowing the power companies to charge the miners higher rates.

[adamsjeff]

I'M NEW TO BTC AND I'VE BEEN MAKING LOSSES TRYING TO MAKE PROFIT MYSELF IN TRADING...I THOUGHT TRADING DEMO ACCOUNT IS JUST LIKE TRADING THE REAL MARKET... CAN ANYONE HELP ME OUT OR AT LEAST ADVISE ME ON WHAT TO DO?

[josherrino]

The man who opposed the mining operations actually clapped when his opponent presented his statement...THAT my friends is what diplomacy looks like.

[daniluchison]

At the end the representative from the mining company CONFIRMS IT:
“We will move away to another town...”

[dyssus]

Crypto mining should only be legal if 100 % renewable energy is used.

[lordmendoza]

Cryptomining dude looks like a skater boi 😂