Here is an interesting article about the city and Bitcoin:
https://www.forbes.com/sites/danield.../#425dd1e698b9
This portion of the article caught my eye and likely plays a part in the stabilization and even growth of manufacturing in the city/area:
“The miners, who use hundreds of very fast, power hungry computers to solve the math puzzles that underlie the value of the cryptocurrency – and are then paid in that currency – were drawn to sleepy Plattsburgh because of its cheap electricity.
We have some of the cheapest indusrial power in the world, 2.7 cents per kilowatt,” Read explained. “They came here for that reason alone. They use a lot of power and employ very few people.”
The cheap power comes from hydroelectric dams on the nearby St. Lawrence River that originally powered industries like aluminum smelting, which have drastically declined.
Under a 50-year-old compact, Plattsburgh has access to a monthly quota of cheap power, but if the city exceeds that quota it has to share the cost of buying power at much higher rates.”
Plattsburgh is a NYPA city and that also plays a part in why rates are low. Nearby Rouses Point, which formerly had a Pfizer, then later Wyeth facility, is also a NYPA community with low electric rates.
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