New York City local businesses urge governor to deny permits for crypto mining

New York City local businesses urge governor to deny permits for crypto mining


Kathy Hochul, New York State governor, has been sent request applications by a group of the city’s local businesses for denying permissions to convert old fossil-fuel power plants into crypto mining centres.   


The request application has come in the form of a letter that is cosigned by a collaborative of organizations, individuals, businesses and labour groups.


The letter has called for an environmental assessment for Proof-of-Work crypto mining in New York State, simultaneously urging Governor Hochul to deny permissions for conversion of the Fortistar North Tonawanda and Greenidge Generating Station power plants into crypto mining facilities.


The letter has asserted that proof-of-work crypto mining use “enormous amounts of energy” for powering the computers needed to conduct the business, and if this activity is encouraged in New York, it could “drastically undermine New York’s climate goals” as established under the Climate Leadership and Community Protection Act.


The application has also highlighted a list of inefficiencies of PoW authentication, suggesting that the process of repowering defunct fossil-fueled power plants would lead to “serious jeopardy of the state’s progress on reducing greenhouse emissions.” 


New York’s local businesses have also mentioned Basil Seggos, NYS Commissioner of the Department of Environmental Conservation, quoting him that Greenidge has “not shown compliance with New York’s climate law.”


While addressing the above, the proposal has cited the need for a full environmental assessment in relation to greenhouse gas emissions and has demanded Hochul’s administration to deny the Title V Air Permits for both of the named fossil-fuel facilities.


Similarly, on the other side of the hemisphere, Russian authorities are reportedly planning to introduce special electricity tariffs for recently-displaced Chinese crypto miners.


On October 13, Energy Minister for Russia Nikolai Shulginov had suggested a new energy consumption framework for differentiating tariffs between general usage and crypto mining. Shulginov has said that the government can’t let “miners capitalize at the expense of low residential electricity tariffs.”


As per the latest research by New York Digital Investment Group (NYDIG), the energy consumption for Bitcoin would remain below 0.5 per cent of the global total in the next decade. The study has also found that the carbon footprint of Bitcoin would depend on fluctuations in Bitcoin’s price, energy consumption and its mining difficulty.

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