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Power-sucking Bitcoin 'mines' spark backlash

Updated : April 24, 2018 04:11 PM IST

In Plattsburgh, where two cryptocurrency operations have been blamed for spiking electricity rates, the prospect of more cryptocurrency miners plugging in spooked officials enough in March to enact an 18-month moratorium on new operations.
For local officials, the power struggle has been a crash course in the esoteric bitcoin mining business in which miners earn bitcoins by making complex calculations that verify transactions on the digital currency's public ledger.
In Plattsburgh, electricity is so cheap most residents use it instead of oil or wood to heat their homes.
Power-sucking Bitcoin 'mines' spark backlash
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