$ 20,286.00
$ 1,141.97
$ 0.999671
$ 0.456872
$ 0.325439
$ 1.00

Crypto Mining Permits in New York Opposed by Businesses

NYS companies oppose innovation of obsolete fossil-fuel powerplants to crypto mining hubs due to environmental concerns

Amid the rise of cryptocurrencies, concerns over regulating the crypto market are piling up from both private businesses and regulatory agencies. 

A number of local companies have petitioned New York State Governor Kathy Hochul to revoke permits for the conversion of the city’s outdated fossil-fuel power stations into crypto mining hubs. The letter-request was signed by representatives from a variety of organizations, enterprises, and labor unions.

The contents of the letter urge a review for assessing the environmental factors of Proof-of-Work mining of cryptocurrencies in New York State as well as imploring the Governor to halt on approving the permit to make crypto mining infrastructure out of the Fortistar North Tonawanda and the Greenidge Generating Station plants for the following reason: “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 proposition stressed the shortcomings of Proof-of-Work (PoW) authentication and suggested that recommissioning decommissioned fossil-fueled power facilities would endanger the state’s progress toward and compliance with Greenhouse Gas (GHG) emission reduction regulations.

Related: Senator Ted Cruz Suggests Natural Gas Allocation to BTC Mining

Greenidge has not demonstrated adherence with New York’s climate law, according to NYS Commissioner Basil Seggos of the Department of Environmental Conservation. 

The letter asks that Hochul’s office refuse the Title V Air Permits for the two fossil-fuel plants, emphasizing the need for a complete environmental study relating to Greenhouse Gas (GHG) emissions.

Meanwhile, Russia as a response to the incoming miners from the China crackdown is incrementally preparing to invoke individual electricity tariffs, which was suggested by Nikolai Shulginov, the Russian Energy Minister, citing that letting miners profit off of low electricity prices for residents is not a commodity that the country is willing to facilitate. 

Bitcoin’s (BTC) power consumption will continue below 0.5% of global power consumption over the next 10 years, as per a study conducted by the New York Digital Investment Group (NYDIG). In addition, the study concludes that price changes, energy use and mining difficulty will all affect the carbon footprint of Bitcoin (BTC). 

Also read: MDS Mexico Adopts Blockchain Technology for COVID-19 Testing

Also read:

Related News

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan.

The Withdrawal Limit Temporarily Reduced by CoinLoan

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan. The corporation cited the present market crash as the reason for the decision. Due to the change, customers are now limited to a $5,000 maximum withdrawal limit each day. In their announcement, they noted the following: “the interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some

Read More »
The price may perhaps clear the $1,200 obstacle above the next significant resistance, which is located close to the $1,180 zone.

New Surge in Sight As Ethereum (ETH) Gathers Momentum

Following a period of stability at $1,000 versus the US Dollar, Ethereum (ETH) enters a new uptrend. Above the $1,150 barrier level, Ethereum (ETH) can move much higher. Near the $1,070 region, the pricing was able to overcome a few significant obstacles. Even the 61.8 percent Fib retracement level of the significant decline from the swing high of $1,235 to the low of $997 was tested by the price. The

Read More »
In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government.

Crypto Policy Symposium 2022: The First Anti-Crypto Conference

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government. Critics of the industry and doubters have joined together to host their own anti-crypto conference where they can express their doubts and connect with legislators in the midst of the most recent crypto bear market. The Crypto Policy Symposium promises to provide skeptics a platform

Read More »

My Coins

$ 20,286.001.57%
$ 1,141.970.08%
$ 0.4568722.15%
$ 0.9996710.08%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: