Tuesday, August 20, 2019

Electricity Company, PUD Stops Providing Power Use Services For Cryptocurrency Mining

The opposition to cryptocurrency operations on the overall may be taking a new dimension, as utility providing companies may begin to join the list of the opposing entities. This premise comes based on information stating that a customer-owned electricity supplying company in Washington has stopped henceforth, applications from members of the public asking for energy distribution that would be dedicated to cryptocurrency mining.

According to the Washington based Franklin public utility distribution company, their services would no longer support crypto mining, and any other blockchain related concern. As it stands, the issue is yet a moratorium pending the time when the company’s assigned staff would have evaluated and estimated the ratio of the obvious and underlying effects of the continued indulgence of such high electric de
and cryptocurrency mining rigs.

Over the years, there have been heightened concerns about the heavy energy demand that usually accompany cryptocurrency mining – especially those of pioneer cryptocurrency, Bitcoin.

Following reports as gathered by Tri-city Heralds, the assigned public utility district staff would also fashion out methods for a reasonable billing structure, if the energy supply to these specific users is to be restored.

The Trend With Cryptocurrencies

Cryptocurrency use in contemporary times has come on the rise, and activities that allow active participants and stakeholders acquire the coins and tokens in a relatively easier way other than direct purchase, have increased considerably in the past months.

They are virtual “non physically existing” means of transacting payments between persons and are largely used over the internet.

A lot of people have found their use features such as anonymity of transactions, rapidly processed payments, and lack of centralized controlling authority, as vantage reasons why the cryptocurrency systems could, in fact, be the ultimate solution to the prevailing issues of centralized transaction processes. Examples of the centralized systems are the regular commercial banks and other financial bodies that operate in like manner.

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