Wednesday, June 12, 2024

Businesses in New York want crypto mining to be banned

One of the major arguments of anti-crypto lobbies is the harmful environmental impact of crypto mining. Politicians have repeatedly used this argument to put regulations and bans on crypto. In a similar context, many businesses from New York have collectively written to governor Kathy Hochul to put a ban on crypto mining, citing its harmful impact on the environment.

In a petition to Hochul, entrepreneurs and labor organizations asked him to deny licenses for the transformation of NYC’s fossil fuel facilities into cryptocurrency mining hubs. The process of creating new cryptocurrency tokens is known as crypto mining. In the instance of “proof of work” cryptocurrencies such as bitcoin, this is accomplished by employing modern computers to solve complex math problems. This technique has been condemned for consuming excessive amounts of energy while also increasing carbon dioxide emissions.

The conversion of two former fossil fuel-based power stations into crypto mining operations is being discussed. The Greenidge Generating Station and Fortistar North Tonawanda power facilities are located in the tri-state area of New York.

In the letter, petitioners referred to the Climate Leadership and Community Protection Act. They said that if crypto mining projects are allowed to materialize, they will disrupt the climate goals set by the aforementioned act.

Pro crypto lobbies have argued in favor of using clean energy sources for cryptocurrency mining. El Salvador is one of the best examples of a country using a clean energy source for crypto mining. Governor Hochul is yet to give his response to the letter.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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