Cryptocurrency

Plattsburgh City Hall
WAMC Photo

After nearly a year, the City of Plattsburgh has ended a moratorium on new or expanded cryptocurrency operations in the city.

Plattsburgh City Hall
WAMC Photo

The city of Plattsburgh has ended its moratorium on new cryptocurrency operations in the city.

Plattsburgh Common Council 2019
Pat Bradley/WAMC

An update now to a story we’ve been following for months: the Plattsburgh Common Council has tabled a resolution that would lift a moratorium on new cryptocurrency mining operations within the city.

Plattsburgh Mayor Colin Read
Colin Read for Mayor/Facebook

Plattsburgh was one of the first cities to be awarded a $10 million New York State Downtown Revitalization Initiative grant.  The primary area that will be redeveloped is a large parking lot one block from the center city adjacent to the Saranac River.  A developer recently revealed a proposed $25 million multi-use plan for the nearly five-acre site. Mayor Colin Read tells WAMC’s North Country Bureau Chief Pat Bradley he is hopeful construction work can begin soon.

Plattsburgh Mayor Colin Read
Colin Read for Mayor/Facebook

The New York state Comptroller’s Fiscal Stress Monitoring System ranks the city of Plattsburgh among 10 municipalities in the state under moderate stress. Within that category, Plattsburgh ties with Rockland County for most stressed. Plattsburgh Mayor Colin Read, a first-term Democrat, was not surprised the city received that designation because it is based on data from financial reports for the 2017 fiscal year. The city has implemented a five-year budget planning process to reverse the trend.  Read tells WAMC’s North Country Bureau Chief Pat Bradley for the 2019 budget year, city leaders this month approved a budget that is under the tax cap and minimizes tax increases.

Plattsburgh City Hall
WAMC Photo

At the most recent common council meeting, Plattsburgh officials were asked when the city’s cryptocurrency moratorium would end.

Plattsburgh City Council considers cryptocurrency regulations
Pat Bradley/WAMC

In March, Plattsburgh officials imposed an 18-month moratorium on new cryptocurrency operations in the city.  Last night, the Common Council adopted a local law placing regulations on such operations – but did not end the moratorium.

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Bitcoin,  a form of cryptocurrency
Pixabay/Public Domain

Northern New York is a prime location for Bitcoin miners and block chain technology because of its low electric rates.  But a number of communities have imposed moratoriums on new cryptocurrency operations because their use of electricity is so intensive.  With such a potential lucrative and emerging technology facing challenges, the Adirondack North Country Association is sponsoring a summit at SUNY Plattsburgh today to explore the new industry’s impacts and potential.

IQOption Blog

Our tech guru Jesse Feiler joins us this morning as we discuss the wild worlds of Blockchains and Cryptocurrency.

Jesse Feiler is an app developer, author, and consultant specializing in small business and nonprofit organizations. His most recent books are “The Nonprofit Risk Book: Finding and Managing Risk in Nonprofits and NGOs” written with Gail B. Nayowith and “Learn Computer Science with Swift.” His most recent apps are “CyberContinuity,” a free app to learn about your vulnerabilities and “The Nonprofit Risk App,” a companion to the book.

Plattsburgh City Council considers cryptocurrency moratorium
Pat Bradley/WAMC

The Common Council chambers were packed Thursday evening as Plattsburgh leaders considered a moratorium on new cryptocurrency operations in the northern New York city.

Bitcoin,  a form of cryptocurrency
Pixabay/Public Domain

By now, you’ve probably heard of—and maybe even invested in — the online currency BitCoin.  But how are the cryptocurrencies made?  Apparently by using a lot of electricity.  In Plattsburgh, where there are low electric rates and a couple cryptocurrency entrepreneurs are sucking up lots of power, the mayor is proposing a law to curb the practice.