Proposal to lift Plattsburgh's ban on bitcoin tabled

Published: Jan. 31, 2019 at 5:05 PM EST
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A proposal to lift Plattsburgh's ban on bitcoin mining was tabled Thursday evening.

You might remember the city's cryptocurrency moratorium made headlines last year. Plattsburgh was the first in the nation to ban bitcoin mining.

Bitcoin is a form of online money that is made by computer servers solving math equations. It requires a lot of electricity and that is something Plattsburgh has a lot of.

But after seeing two bitcoin companies use a hefty amount of the city's electricity, the Common Council put a halt to it for 18 months. But the moratorium said the council could lift the ban earlier.

Now, city officials say they have measures in place to lift the ban and allow mining. So a proposal to lift the ban was on the agenda for Thursday evening's meeting, but it was tabled.

"We were coming up on a few months there where there hasn't been any movement on this issue, so actually I'm glad I brought it forward because, in the last two weeks, there has been quite a lot of movement on the issue. So even though the moratorium still stands, that doesn't bother me. I'm not a strong advocate for getting rid of the moratorium or anything like that but I wanted the discussion to be brought up and I love that the council's discussing these things," Ward 5 Councilor Patrick McFarlin said.

The council wants to get a noise ordinance in order before lifting the ban. The mines are typically very loud.

Councilor Jeff Moore is working on the ordinance and said he will have it ready by next week's council meeting.