The global credit rating agency looked at scenarios in Texas and Washington State, suggesting that utilities mitigate their financial risks around crypto mining firms
Global credit rating agency Fitch Ratings is warning public power utilities across the United States to mitigate the risk crypto mining could post their production of power.that only utilities in states like Washington, which have excess generation capacity, may be capable of meeting the power requirements of many crypto mining operations.
“The volatile and unregulated nature of crypto mining and the large influx of load requests led a number of Washington utilities to adopt new practices beginning in 2014 to mitigate exposure to crypto mining entities, including crypto-currency load moratoriums, evolving rate structures to capture the departure risk of a high-risk industry, and defined customer concentration limits,” said Fitch Ratings.
“Crypto mining operations are price-sensitive entities that may be quickly scaled back or shut down if mining becomes uneconomical.” Many crypto mining companies are seeking the most cost-effective area to mine tokens, with some U.S. States, including Texas and Washington, offering more favorable conditions than others. Canadian mining firm Bitfarms announced in November that it was
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