A serious utility within the U.S. state of Washington, Grant County public utility district, and its commissioners are dealing with a lawsuit filed by 9 cryptocurrency companies. The go well with alleges that they “acted inappropriately in creating and approving a new rate that raises electricity costs” for cryptocurrency miners.
Grant County public utility district (Grant PUD) in Washington state has revealed that 9 cryptocurrency companies have filed a lawsuit towards it and its commissioners referring to the elevated electrical energy prices imposed on them for mining cryptocurrencies.
At a gathering which occurred on Jan. eight, the commissioners agreed that “Grant PUD would cover the cost of legal defense for commissioners Tom Flint, Dale Walker and Larry Schaapman, as well as former commissioners Terry Brewer and Bob Bernd, and 10 PUD employees,” the assembly observe reads, including:
All are co-defendants in a go well with filed towards Grant PUD in U.S. District Court of Eastern Washington by 9 cryptocurrency-related companies who allege Grant PUD, its commissioners and a few staff acted inappropriately in creating and approving a brand new fee that raises electrical energy prices for them and different new ‘evolving industry’ clients.
Grant PUD serves over 50,510 clients all through the county, its web site claims. According to Ifiberone publication, the utility launched a press release concerning the lawsuit on Thursday. “We are aware of the litigation and plan to file a response to the notice of complaint in federal court before the end of the month.”
Higher Rates for Crypto Miners
Starting on April 1, cryptocurrency miners should pay “the first of a three-year, graduated increase to a new, above-cost electric rate designed to protect Grant PUD from risk and preserve below-cost rates for core customers,” the utility explained.
The commissioners of Grant PUD unanimously authorised “the new Rate 17 for evolving industries” on Aug. 28, the utility introduced on the time. Noting that at present “all Grant PUD customers in the evolving-industry profile are miners of cryptocurrency, including bitcoin,” the PUD detailed:
Rate 17 clients will obtain a 15-percent improve subsequent yr, a 35-percent improve in 2020 and a 50-percent improve in 2021, when the brand new price might be absolutely in impact.
Grant PUD revealed when it accredited the speed hike that it had acquired new service inquiries for greater than 2,000 megawatts of energy since summer time 2017. This accounted for “more than three times the electricity needed to power all Grant County homes, farms, businesses and industry” and roughly 75 % of these requests have been from cryptocurrency miners.
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Images courtesy of Shutterstock and Grant PUD.
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