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May 27th, the Hearing Examiner released his ruling authorizing the Conditional Use Permit for the Bitmain/Allrise Capital Crypto Facility at the former PNC Mill Site near Usk. A copy of the CUP decision is available to download below. However, at a special meeting on May 26th, the Pend Oreille PUD revealed that the expected electricity provider for the proposed Bitmain/Allrise Capital industrial cryptocurrency mining facility has withdrawn from the project, leaving the Bitmain/Allrise without a power source. The electricity provider Brookfield Renewable operates several hydro facilities in British Columbia and was expected to provide at least 100 MW of electricity to the Bitmain/Allrise Capital facility through the PUD. Bitmain/Allrise Capital, in partnership with the PUD, will now need to find a different power provider before they can begin industrial-scale operations. This increases the risk that the start of large-scale operations could be delayed. Allrise Captial and its subsidiary, Merkle Standard LLC, have been negotiating a power contract with the PUD and Brookfield Renewable for around nine months before Brookfield Renewable withdrew. Brookfield did not provide an explanation for their decision. During the special meeting, the PUD also indicated that Brookfield Renewable's withdrawal also increased the risks to the PUD and its existing customers in the county and that the increased risk levels would need to be factored into future negotiations. Brookfield's abandonment of the project comes during a volatile time for crypto currencies in general as crypto currency prices have sharply declined in the last couple weeks deterring many investors while energy prices are growing. The PUD appeared committed to helping Bitmain/Allrise find a new energy provider but also emphasized that they had a responsibility to protect existing customers from a repeat of the PNC Mill bankruptcy which left customers responsible for $15 million in energy contracts that the mill reneged on leading to a rate increase. 
2 Comments
Pamela Luby
5/31/2022 08:46:23 pm
PUD needs to remain faithful to the county customers. I applaud their withdrawal of energy to the cryptomining project. I don't know what name to give as there are so many names on this project.
Cindy Witt
6/1/2022 01:48:15 pm
"Best management practices" to dispose of E-waste? in this county? this is cute. Also how will they stay below 60 and 50 DBH? Their website says one machine operates at 75. And no consequences of course. Hopefully they can't get the power they want. Leave a Reply. |
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