A Washington state federal court recently addressed claims relating to rates that cryptocurrency mining companies pay for electricity in Grant County, Washington. The court rejected all of the miner’s legal claims. The dispute focused on the rate classification that this utility applied to crypto miners as explained below. Due to various risks, the electric utility assigned the miners to a newly created rate class referred to as “Evolving Industries,” resulting in a higher rate class for the miners. The miners were I-“rate” with this decision.
This decision is just one facet of the interplay between energy companies and blockchain technology, including crypto mining. Through a collaboration of our Blockchain Team and our Energy practice, we have previously addressed other aspects of blockchain and the electricity industry here and here.
Read more about the decision here.