New York companies are asking the governor to refuse permission to mine crypto

189
SHARES
1.5k
VIEWS
ADVERTISEMENT

New York State Governor Kathy Hochul has been asked by a group of local companies to refuse permission to convert the city’s old fossil fuel power plants into crypto-mining centers. The application comes in the form of a letter that is co-signed by a number of organizations, companies and working groups.

The letter calls for an environmental impact assessment for proof-of-work cryptocurrency mining in NYS and calls for Governor Hochul to withhold approval to convert the Greenidge Generating Station and Fortistar North Tonawanda power plants into cryptocurrency mining:

Related articles

“Proof-of-work cryptocurrency mining uses tremendous amounts of energy to power the computers needed to do business – should this activity expand in New York, it could meet the climate goals set by the Climate Leadership and Community Protection Act Dramatically undermine New York. “

The proposal highlighted the inefficiencies of PoW authentication and suggested that the revitalization of decommissioned fossil fuel power plants “would seriously jeopardize state progress and greenhouse gas (GHG) reduction mandates”.

The companies also quoted NYS Commissioner Basil Seggos of the Department of Environmental Conservation as saying that “Greenidge has failed to demonstrate compliance with New York’s climate law.”

Citing the need for a full environmental assessment for greenhouse gas emissions, the letter calls on Hochul’s administration to deny Title V air permits for the two fossil fuel plants.

Related: Russia Consider New Energy Tariffs As Chinese Crypto Miners Move

On the other side of the world, Russian authorities are planning to introduce special electricity tariffs for recently displaced Chinese cryptocurrency miners.

On October 13, Russian Energy Minister Nikolai Shulginov proposed a new energy consumption framework to differentiate tariffs between general use and mining of cryptocurrencies, stating:

“We cannot allow the miners to capitalize on the situation at the expense of the low electricity tariffs for private households.”

According to a study by the New York Digital Investment Group (NYDIG), Bitcoin’s (BTC) energy consumption will remain below 0.5% of total global consumption over the next decade. The study also suggests that Bitcoin’s carbon footprint is dependent on fluctuations in the price of Bitcoin, the difficulty of mining and energy consumption.