One of the largest cities in Washington Ephrata has issued an announcement that will halt new cryptocurrency mining developments in the city. This temporal ban will last for 12 months.
This recent ban that has been imposed will only affect new cryptocurrency operations that are to be established in the city. This means that all already existing establishments will continue to operate. Currently, there are about four crypto related businesses in the city, two of them located at the Port of the city, one in a residential area, and the other in an industrial area. The administrator of Ephrata Wes Crago while speaking to newsmen stated that these four businesses currently operating in the city will have to be relocated at the moment.
Comments Of Council Men
According to reports, the decision for this ban was borne out of a city council vote. About six of the council members voted in favor of this cryptocurrency operation regulation while Matt Moore a commissioner voted against the regulation.
Moore while speaking to press men from media outlets in the city stated that a temporal ban like this will pose a threat to the future development of the city’s economic sector. Moore further added that this negative regulation will put the ever-growing industry out of the expertise and reach of the city, he further revealed that he does not in any way want to surrender or give up on any economic opportunity that comes his way irrespective of the size.
A temporal ban like this will pose a threat to the future development of the city’s economic sector.
One of the council members who voted in favor of this new regulation Kathleen Allstot stated that the decision of the council comes out of the need to take a break from all crypto operations for 12 months and see how things are going on in the industry. Allstot further revealed that the decision will help them find out how crypto mining operations fit both in Ephrata and the GCPUB (Grant County Public Unit District).
How Crypto Mining Affects Residents
Reports have revealed that in the last couple of months, mining operations have increased in certain popular areas of the city’s basin due to cheap electricity. This increased mining operations caused certain inconveniences to residents, some currently suffer from lack of electricity due to the operations of some high energy consuming technologies used by the local miners.
General View Of Crypto Mining In Most Cities In The State
This move by Ephrata is in line with some that have been taken by most cities in the Grant County Public Unit District. Asides the ban, cities in Grant County have imposed higher electricity fees on all crypto mining firms. These new rates are to be enforced beginning April 2019.
Currently, Washington is one of the leading mining states, with GigaWatts one of the biggest mining firms located in the state. The low electricity cost in the states serves as the motivating factor for these firms.
This recent regulatory policy put in place by the city will affect all crypto firms that have made plans to have their facilities established there.
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