Governor Hochu to Sign a Mining Moratorium Bill

NY Environmentalists Pressure Governor Hochu to Sign A Mining Moratorium Bill

Cryptocurrency mining is a notoriously energy-intensive process, and a large portion of that energy still comes from non-renewable sources such as coal and fossil fuel. As the world becomes increasingly aware of the need to transition to renewable energy sources in order to combat climate change, a growing number of environmentalists are turning their attention to the cryptocurrency industry.

That’s why environmentalists are targeting New York’s Greenidge Power plant, one of the world’s largest PoW mining operations. The plant uses behind-the-meter fossil fuel energy, meaning that it isn’t subject to the state’s Renewable Portfolio Standard (RPS). Environmentalists are pressuring NY Governor, Kathy Hochul, to sign a moratorium on new PoW mining projects that use behind-the-meter fossil fuel energy in order to prevent further damage to the environment.

The cryptocurrency industry has come under fire in recent years for its immense carbon footprint. A study by Cambridge University estimated that Bitcoin alone could be responsible for increases in global temperatures of up 2°C by 2033. If we don’t act now to transition to renewable energy sources, the environmental impact of cryptocurrency mining will only continue to grow.

Environmentalists and state Assembly Woman Anna Kelles

New York State Assemblywoman, Anna Kelles, is one of the many environmentalists who are targeting Greenidge Power. She has been a vocal opponent of the plant and its use of fossil fuel energy for cryptocurrency mining. In a statement, Anna Kelles said

We have to put an end to this dirty, destructive industry before it’s too late. New York can be a leader in the transition to renewable energy, but we need to start by phasing out coal and gas-fired power plants.

New York State Assemblywoman, Anna Kelles

Kelles introduced a bill in March that would put a moratorium on new PoW mining projects that use behind-the-meter fossil fuel energy. The bill has gained support from environmental groups like 350NYC, Food & Water Watch, Sierra Club, and Citizens Campaign for the Environment. If passed, it would be a major victory for environmentalists in their fight against climate change in New York and the United States.

Targeting Greenidge Power is a key part of environmentalists’ strategy to reduce the impact of cryptocurrency mining on the environment. By pressuring Governor Hochul to sign the Mining Moratorium Bill into law, they hope to set a precedent that will force other PoW mining operations around the world to clean up their act.

As the New York state legislature continues to debate the merits of a moratorium on new cryptocurrency mining projects that use behind-the-meter fossil fuel energy, one company in particular is coming under fire from environmentalists.

Greenidge Generation is a power plant that uses fossil fuels to mine for cryptocurrency. The plant is located in New York, and it has come under fire from environmentalists for its impact on the environment.

The state of New York is currently in the midst of a battle over the mining of Bitcoin. The power plant located in Dresden, which is situated near Seneca Lake, has become the focal point of this debate. Some residents claim that the power plant’s use of lake water to cool its operation is causing algae blooms and endangering the local ecosystem.

Greenidge Generation, which operates a large Bitcoin mining facility in upstate New York, has publicly stated that the bill does not apply to its operations. This stance has drawn the ire of many environmentalists, who see Greenidge as a prime example of why such a moratorium is needed in the first place.

Critics point to the fact that Greenidge’s Bitcoin mining operations are powered by fossil fuel energy, which they say is highly polluting and negatively impact local air quality. They argue that if left unchecked, these types of projects could have a serious negative impact on New York’s environment.

Supporters of Greenidge Generation counter by saying that the company is actually helping to reduce emissions by using methane capture technology at its power plants. They also argue that the jobs created by Greenidge’s Bitcoin mining operations are vital to upstate New York’s economy.

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Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.

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