Satoshi vs. State of Idaho: Discrimination Against Bitcoin Mining?
The Satoshi Action Fund is taking a big stand against the state of Idaho. Dennis Porter, CEO and co-founder of the Satoshi Action Fund has argued that the Public Utility Commission of Idaho is discriminate Bitcoin mining.
The Idaho Public Utilities Commission approved a special rate for Bitcoin mining companies and cryptocurrency facilities. However, GeoBitmine, a mining company based in Idaho, has noted that the new price is discriminatory against the company.
Why Idaho May Be Discriminating Against Bitcoin
The Satoshi Action Fund has said the Idaho Public Utilities Commission is trying to set a precedent. The precedent would allow the commission to discriminate against the legal use of electricity by GeoBitmine. They have claimed that GeoBitmine and other Proof-of-work miners are data center companies.
They have compared bitcoin mining companies to big tech companies like Google and Amazon in this regard. Moreover, they have also claimed that Bitcoin mining companies such as GeoBitmine also supply recycled heat to agriculture and farming in Idaho.
According to the fund, if a company like GeoBitmine is forced to operate under the newly created Schedule 20, the company will not be able to make a profit. They also believe that the operation may even cease.
The rate included certain strict provisions such as the possibility of power outages of up to 225 hours per year. The commission also has an unfettered discretion over which companies must accept the award. Moreover, the same accusations were made by the company itself.
The Public Utility Commission believes that the volatility of the load and the lack of financial viability are some of the reasons why companies like GeoBitmine have different prices. However, the company hit back, saying it needs a year-round reliable power source to function properly.
The debate against Bitcoin mining
The debate against Bitcoin Mining is not new. The proof-of-work mechanism in Bitcoin mining consumes a huge amount of energy. However, crypto experts have noted that Bitcoin mining is one of the most efficient and clean industries in the world.
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