WENATCHEE — Earlier this month, Wenatchee City Council effectively banned at-home cryptocurrency mining for one year so staff could better understand how to regulate the practice.
On Thursday, they’ll host a public hearing to adopt a work plan for those 12 months in which staff will establish those regulations — whatever they may be.
Cryptocurrency mining is the process by which transactions using bitcoin and other cryptocurrencies are verified and recorded, as well as how new bitcoins are released.
The issue with mining cryptocurrencies from a regular home in a regular residential neighborhood is that the power grid wasn’t designed to support the large amounts of electricity needed in mining. Officials say “high-density loads” can create a fire hazard in residential areas.
City staff is proposing a three-phase work plan over the course of the next year.
• March 2018 to June 2018: work with the Chelan County PUD to develop a framework for future action.
• July 2018 to September 2018: seek public input and begin crafting policies.
• Oct. 2018 to March 2019: begin process of finalizing and adopting policies.
City Council meets at 5:15 p.m. Thursday at City Hall, 129 S. Chelan Ave. Time will be allotted to allow the public to comment on the proposed work plan.