CORRECTION-Chelan PUD freezes applications for cryptocurrency

*Editorial Note: The original publication of this story included a misquote on General Manager Steve Wright’s statement. The following story includes the corrected quote.

CHELAN COUNTY –PUD Commissioners unanimously voted to cease all application acceptance and processing for electric service requests with the intent of mining cryptocurrency, Monday, March 19. “The moratorium is effective immediately to reduce operating and financial risks,” explained Public Information Officer Kimberlee Craig in a press release.
Cryptocurrency, or Bitcoin, is a digital currency used in web-based financial transactions. What’s the big deal about that, right? Well, if you’re a resident in Chelan County, the harvesting of the digital currency can have near-devastating consequences on your community, due to unauthorized and improperly equipped harvesting operations. These unauthorized operations tend to not be equipped with the proper equipment, which can cause an overload of the equipment or wiring and lead to a fire. “Impacts from cryptocurrency mining applications are hampering responses to the District’s overall planned work,” explained General Manager Steve Wright, “and threatens the county’s electric grid capacity to meet planned growth.”
Chelan County offers one of the lowest energy rates nationwide, which draws in consumers looking to expand on the Bitcoin harvesting.
“This pause will allow lessons learned to be adopted for the existing, under-five megawatt (MW) rates and policies as well as to develop new rates and policies for above-five MW loads,” as stated in the PUD’s press release, “we do need time to take a deep breath and work through the issues and this may be the best approach,” suggested Commissioner Randy Smith at the PUD commissioner’s meeting.
An audio link from the meeting is available on the PUD’s website, chelanpud.org, and a public hearing on the moratorium is scheduled for Monday, May 14 beginning at 1 p.m.