Eskom Offers Discounted Electricity Rates to Crypto Miners

South Africa's state-owned power utility Eskom is looking to attract cryptocurrency miners as new customers, offering them a discounted tariff of R1.20 per kilowatt-hour (kWh) for participating in its pilot program.

The pilot aims to let flexible-load customers, including cryptocurrency miners, use the country's excess electricity during periods of surplus availability. According to Eskom's scenario planning, it will have five terawatt-hours (TWh) of surplus energy by 2028, enough to power about 450,000 average South African households for an entire year.

South Africa's electricity prices have surged over 800% since 2007, decimating industrial demand and putting pressure on households. Eskom has been entering into negotiated price agreements (NPAs) with high-energy users to provide relief and save thousands of jobs.