New York companies are calling on the governor to refuse permission to mine cryptocurrencies

A group of local companies has asked New York State Governor Kathy Hochul to refuse permission to convert the city’s old fossil fuel power plants into crypto mining hubs.. The petition comes in the form of a letter signed by various organizations, companies and unions.

The letter calls for an environmental impact assessment for proof-of-work cryptocurrency mining in New York state while Urges Governor Hochul to withhold permits to convert Greenidge Generating Plant and Fortistar North Tonawanda Power Plants into cryptocurrency mining facilities:

– Proof-of-work cryptocurrency mining uses huge amounts of energy to power the computers needed to run the business. If this activity is expanded in New York, it could drastically undermine New York’s climate goals set out in the Climate Leadership and Community Protection Act.

The proposal highlighted the inefficiencies of PoW authentication and suggests that Repowering closed fossil fuel power plants would “seriously jeopardize the state’s progress and compliance with mandates to reduce greenhouse gas (GHG) emissions”.

New York companies are calling on the governor to refuse permission to mine cryptocurrencies
New York companies are calling on the governor to refuse permission to mine cryptocurrencies

The companies also cited New York State Commissioner Basil Seggos of the Department of Environmental Conservation, said that “Greenidge has failed to demonstrate compliance with New York’s Climate Change Act.”

Having regard to the need for a comprehensive environmental assessment with regard to greenhouse gas emissions, The letter asks the Hochul administration to refuse Title V flight permits for the two fossil fuel plants.

The other side of the world The Russian authorities plan to introduce special electricity fees for recently displaced Chinese cryptocurrency miners.

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

â ???? We cannot allow the miners to take advantage of the situation at the expense of the low electricity tariffs.

According to research by the New York Digital Investment Group (NYDIG) Bitcoin’s energy consumption (BTC) will remain below 0.5% of total global consumption over the next decade. The study also suggests that Bitcoin’s carbon footprint will depend on bitcoin price volatility, mining difficulties and energy consumption.

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