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Local firms ask governor to deny permits for crypto mining in New york

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GOVIND VISHWAKARMA Follow

INDIA

Oct, 18 2021

Oct, 18 2021

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The state governor of new york Kathy Hochul was asked by a group of local businesses to convert the city's old fossil-fuel power plants into crypto mining centers. 

Centers have been asked to refuse to give consent to shift. The application was presented in the form of a letter signed by several organizations, companies, and labor groups. 


In the letter NYS, an environmental assessment is needed for proof-of-work cryptocurrency mining however the urges governor Hochul to withhold permits to convert the production station and Fortistar North Tonawanda energy crops into services for crypto mining. centers.


“Proof-of-Work cryptocurrency mining use 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.”


The proposal emphasized the inefficiencies of POW verification and said that reviving dormant fossil-fuelled power crops "would jeopardize the state's progress as a whole and meet its greenhouse gas (GHG) reduction mission".


Hochul's administration declines Title V  air permits for fossil-fuel services, citing the need for a full environmental assessment related to greenhouse gasoline emissions.


On the other hand side, The Russian authorities are planning to introduce significant electric energy tariffs for recently displaced Chinese cryptocurrency miners.


According to the Global Times, China will shut down more than 90% of its bitcoin mining capacity following local sanctions.


Also Read | Alibaba to block cryptocurrency mining equipment's sales on its platform


On October 13, The Russian Energy Minister Nikolai Shulginov, while proposing a new energy consumption framework, separating tariffs between the general use of cryptocurrencies and mining, said:

"We cannot allow miners to take advantage of the low cost of domestic electricity."


According to research conducted by the New York Digital Funding Group (NYDIG), the energy consumption of bitcoin (BTC) will account for less than 0.5% of total global consumption. Furthermore, it turns out that bitcoin's carbon footprint will depend on fluctuations in bitcoin's electricity consumption.


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GOVIND VISHWAKARMA

CBW - External Analyst

INDIA

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