The city of Ephrata, Washington will no longer allow the establishment of new crypto operations. The city’s authorities issued a 12 months suspension to the development of crypto mining. The ban comes at a time when many more Bitcoin mining companies are quickly positioning themselves. There has been the quick tapping of the cryptocurrency lucrative market. However, according to Wes Crago, the city’s city administrator the ban will not affect the existing four businesses already operating.
The market is currently hosting, two business at the Port of Ephrata. Another two are located at an industrial area of the city and in a residential area respectively. Nonetheless, Crago says there are plans to relocate them.
The new ban will give room for identifying what is happening within the sphere
The ban was as a result of city council vote of six council members who voted in favor of the new regulation. However, Matt Moore voted against citing that the temporary ban may not necessarily be a solution to the city’s economic development.
On the other hand, reports have it that Washington State is among the global leaders of crypto mining sites. There has also been increasing inconveniences for the residents of Ephrata. They claimed that the growth of crypto mining developments was resulting in a lack of electricity in the area.
According to a council member Kathleen Allstot, the ban will be effective. It will give the authorities time to establish the actual activities taking place within the market. In addition, they will also be able to weigh the pros and cons of mining operations in Ephrata and the Grant County Public Utility District (PUD).
The ban comes as another setback for the Bitcoin mining industry
A lot has been happening in the Bitcoin mining industry. Hundreds of investors have invested in the industry; thanks to its returns despite cases of loss of money to scammers. The ban is just another setback for an industry, which has had a rapid expansion. Other setbacks include the government’s refusal to legalize the industry. Meanwhile, it is not clear what other measures the authorities will bring on board, which are likely to affect the mushrooming business.