Businesses In New York Oppose Crypto Mining

Full article by Arijit Sarkar found here.

• Activist groups and businesses in the state of New York have formally requested New York State Governor Kathy Hochul to deny permits for the conversion of old fossil-fuel power plants into crypto mining centers.

• The groups call for an environmental assessment of proof-of-work (PoW) crypto mining in New York State before issuing any licenses to the companies attempting to convert the Greenridge Generating Stating and the Fortistar North Tonawanda power plant, stating that “proof of work cryptocurrency mining uses enormous amounts of energy to power the computers needed to conduct business - should this activity expand in New York, it could drastically undermine New York’s climate goals established under the Climate Leadership and Community Protection Act.”

• One of the cited criticisms is the inefficiency and energy consumption of PoW crypto mining, implying that re-powering these defunct fossil fueled power plants would “seriously jeopardize the state’s progress on and meeting mandates for reducing green house gas (GHG) emissions.”

• Research conducted by the New York Digital Investment Group (NYDIG) has estimated that Bitcoin’s energy consumption will remain below 0.5% of total global energy usage over the next decade.