A new crypto-currency mining company is using so much electric power that the LaFayette City Council has approved a plan to “borrow” electricity capacity allotted to the City of Elberton, Georgia.
MGT Capital Investments has built the bitcoin mining business near a City substation.  They use high-powered computers that currently consume about $400,000 per month in power, according to City Manger David Hamilton.

The agreement passed by the Council Monday night will allow LaFayette to use Elberton’s excess electric capacity through the Municipal Electric Authority… which also supplies electricity here.

The Council also approved a plan to bill MGT twice per month, so the city can receive payment every 15 days instead of monthly.

WQCH