SUNY, Plattsburgh community mull how to cope with crypto currency craze

June, 2018

By Rick Karlin

PLATTSBURGH — Colin Read knows he’s at Ground Zero in the growing debate over cryptocurrency mining. As mayor of Plattsburgh, he pushed through an 18-month moratorium on crypto mining after city residents complained of jumps in their electric bills. Crypto miners were swallowing up Plattsburgh’s low-cost hydroelectric power allocations, meaning the city-owned utility had to go to the costlier open market to meet its electrical needs.

And as a finance and economics professor at SUNY Plattsburgh, Read has also heard from dozens of students who have set up mini-cryptocurrency mining computers in their dorms. Utilizing computers with graphics cards, they can earn a couple dollars a day by running the machines, which use exotic algorithms to track the growing use of virtual currency.

Read the full story in the Albany Times Union.

 

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