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An important utility in the US state of Washington, in the county district of Grant, and its commissioners are facing a lawsuit filed by nine cryptocurrency firms. The lawsuit claims that "it acted inappropriately in the creation and approval of a new rate that increases electricity costs" for cryptocurrency miners.
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Lawsuit filed
<img class = "alignright wp-image-274616″ title=”9 Cryptocurrency Enterprises Sue Utile of the state of Washington over a 50 percent interest rate hike” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud-logo1.jpg” alt=”9 Cryptocurrency Company Its Utilities in Washington State over 50 percent increase in rates "width =" 250 "height =" 125 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/ 01 / grant-pud- logo1.jpg 1000w, https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud-logo1-300×150.jpg 300w, https: //news.bitcoin. com / wp-content / upload / 2019/01 / grant-pud-logo1-768×384.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud-logo1-696×348 .jpg 696w, https: //news.bitcoin.com/wp-content/uploads/2019/01/grant-pud-logo1-840×420.jpg 840w "sizes =" (maximum width: 250px) 100vw, 250px”/>Grant County's Grant District (Grant PUD) in the state of Washington has revealed that nine cryptocurrency firms have filed a lawsuit against it and its commissioners in relation to the higher costs of electricity imposed on them for the mineral cryptocurrencies.
At a meeting held on January 8, the commissioners agreed that "Grant PUD would cover the cost of legal defense for Commissioners Tom Flint, Dale Walker and Larry Schaapman, as well as former Commissioners Terry Brewer and Bob Bernd and 10 PUDs employees ", reads the note of the meeting, adding:
All are co-defendants in a lawsuit filed against Grant PUD in the US District Court of Eastern Washington by nine companies related to the cryptocurrency claiming Grant PUD, its commissioners and some employees have acted inappropriately in the creation and approval of a new rate that increases the costs of electricity for them and other new customers "in continuous evolution".
Grant PUD serves over 50,510 customers across the county, the website states. According to the publication of Ifiberone, the utility issued a statement on the lawsuit on Thursday. "We are aware of the litigation and the plan to file a response to the federal court complaint before the end of the month."
Higher rates for cryptographic miners
Beginning April 1, cryptocurrency miners will have to pay "the first of three years, a gradual increase of a new electricity tariff above cost designed to protect Grant PUD from risk and preserve lower cost tariffs for core customers," explained utility.
<img class = "aligncenter wp-image-274688″ title=”9 Cryptocurrency Enterprises Sue Utile of the state of Washington over a 50 percent interest rate hike” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud1-1024×746.jpg” alt=”9 Cryptocurrency Company Its Utilities in Washington State over 50 percent increase in rates "width =" 1200 "height =" 874 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/ 01 / grant-pud1- 1024×746.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud1-300×219.jpg 300w, https://news.bitcoin.com/ wp-content / uploads / 2019/01 / grant-pud1-768×559.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud1-324×235.jpg 324w, https: //news.bitcoin. en / wp-content / uploads / 2019/01 / grant-pud1-696×507.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud1-1068×778.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/grant-pud1-577×420.jpg 577w, https://news.bitcoin.com/wp-content/uploads/2019/01/grant -pud1.jpg 1200w "sizes =" (maximum width: 1200px) 100vw, 1200px”/>
Grant PUD commissioners unanimously approved "the new Rate 17 for evolving industries" on August 28, the utility announced at the time. Noting that currently "all Grant PUD customers in the evolving industry profile are cryptocurrency miners, including bitcoins", the PUD has detailed:
Customers with a rate of 17 will receive an increase of 15% in the next year, a 35% increase in 2020 and a 50% increase in 2021, when the new rate will be fully operational.
Grant PUD revealed when he approved the rate hike to have received new requests for assistance for over 2,000 megawatts of energy from the summer of 2017. This represented "more than three times the electricity needed to power all the houses , farms, businesses and the industry of Grant County "" And about 75% of those requested came from cryptocurrency miners.
What do you think of these cryptocurrency miners who sue Grant PUD for increasing electricity tariffs? Let us know in the comments section below.
Images courtesy of Shutterstock and Grant PUD.
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