Residents in Plattsburgh have had enough. They are fed up with Bitcoin miners using up the city's low-cost electricity.

On Thursday, Plattsburgh city councilors passed an 18-month moratorium on future Bitcoin mining operations. It will affect only new companies and not ones that are already mining in the city, according to the Press-Republican.

Bitcoin is a digital currency, also known as a cryptocurrency. Mining is a process where individuals or groups get paid in new Bitcoins to run complex mathematical equations on computers. The more computers and electricity you use, the more money you can get. To cut down on energy expenses, miners often flock to cities with cheap power.

Plattsburgh has cheap power due to a hydroelectric dam on the St. Lawrence River. According to Motherboard, residents pay only 4.5 cents per kilowatt-hour. For comparison, the US average is a little over 10 cents per kilowatt-hour. Industrial enterprises--including Bitcoin mines--in Plattsburgh get a better deal. They pay less than residents at 2 cents per kilowatt-hour.

Here's how residents get the short end of the stick:

Plattsburgh has an allotment of 104 megawatt-hours of electricity per month. When the city goes over this amount, it has to buy electricity on the open market for far higher prices - cost can be seven times higher. When this happens, the residents must share the expense.

In December and January, Plattsburgh went over its allotted hydro amount causing residents' bills to skyrocket. Some residents complained that their bills were as much as $300 more.

Lawmakers plan to work with current mining operations. City councilors will use the moratorium to figure out how much electricity miners can use and how to alleviate burdens on residents.

There are two Bitcoin mining businesses in Plattsburgh.

Kyle Carlton, a spokesman for Coinmint LLC, which runs operations in both Imperial Industrial Park and Skyway Plaza attended Thursday night's meeting. He said the company would be willing to discuss ways to alleviate higher costs for residents.

"The last thing we want to see is people's bills increase," Carlton said to the Press-Republican.