Some NY Lawmakers Want to Stop Bitcoin Mining, Citing “Environmental Effects”
Some NY Lawmakers Want to Stop Bitcoin Mining, Citing “Environmental Effects”
The state of New York, once a cryptocurrency mining haven, could be on the verge of shutting down all crypto operations. Some lawmakers in the state say miners have been “siphoning off” clean hydro power from the public, and are taking over old, polluting power-plants in hopes of increasing hashrates.
These “dirty” plants and operators have been spewing large amounts of CO2 and other greenhouse gasses into the atmosphere, contributing to climate change.
As a result, a group of state lawmakers are considering blocking new mine sites at fossil fuel derived power-plants and may begin taking steps to “pause” all Bitcoin mining in the state.
Now, pausing all Bitcoin mining in New York, including miners who utilize green energy sources, could come at a detriment to the state economy. It’s likely that miners, both dirty and clean, would pick up shop and move to more friendly areas of the US, taking infrastructure and operational jobs along with them…
Just like we saw last year with the China exodus.
But…
Since “dirty” mining within the industry has become such an enormous issue, some companies may only be able to relocate so many times… before they’re either out of operations or they clean up their act.
Blockchain investors, environmentalists and the general public have begun demanding, rightfully so, the industry forego cheap and dirty coal and begin embracing renewables.
To remain active, competitive, and potentially compliant, miners must utilize clean, net carbon-zero energy sources like nuclear power.
It’s becoming clear, New York will not be the only state that tries to regulate Bitcoin miners who are using fossil fuels to generate electricity. Nor will it be the last.
We’re likely to see every state eventually adopting some form of “green” mining regulations and standards. For companies who do not change, and change quickly, it means they risk massive public scrutiny…
And could die on the vine, leaving their investors broke and furious.
Read more about New York’s potential Bitcoin mining “pause”, HERE
Or, discover a net carbon-zero Bitcoin miner that’s leading the “green” Bitcoin revolution, HERE