9 cryptocurrency firms sue Washington utilities for raising energy prices

15 Jan, 2019
by David Borman
News
9 cryptocurrency firms sue Washington utilities for raising energy prices

It has been reported by Crypto Shib that nine major cryptocurrency companies in the U.S. State of Washington have sued the Grant County Public Utility District (Grant PUD), claiming they "acted inappropriately in creating and approving a new rate that raises electricity costs for them and other new evolving industry customers."

Essentially the claim states that the utility service has raised rates specifically only for those using the energy to mine crypto and that this is not only unfair, but the district did so without going through the legal channels to do so.

The new pricing structure is supposed to go into effect April 1st, as elaborated on in a statement previously made by Grant PUD:

"Starting from April 1, cryptocurrency miners will have to pay above-cost electric rate designed to protect Grant PUD from risk and preserve below-cost rates for core customers."

Grant PUD looks to be prepared to fight the case and if successful, could set a precedent on energy utilities charging extra to customers who are using their energy for cryptocurrency mining.

Ultimately it will be up to the courts to decide if this practice is fair and was implemented lawfully. Until then, stick with Chepicap for all updates!

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Read more about: Mining United States

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