Cryptocurrency mining summit held at PSU

PLATTSBURGH, N.Y. (WCAX) The future of cryptocurrency mining was the focus of a summit at Plattsburgh State University Tuesday.

Crypto mining is the processing of transactions in digital currencies and creating and also the means through which new units of currency are released. Plattsburgh is a particularly attractive location for currency mining because power for the electricity-intensive activity is so cheap.

Back in March, the city was in the national spotlight for its decision to place a moratorium on Bitcoin mining for fear that electricity prices would be too high. Since then, officials have looked into the industry and now think it's something they could benefit from

"We don't think cryptocurrency is going away. It's here to stay. So how do we really benefit and make sure that our communities are able to be at the cutting edge of this as opposed to trying to play catch up," said Kate Fish with the Adirondack North Country Association.

There is another summit planned in October in Glens Falls.