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New York businesses ask governor to deny permits for crypto mining

Scorpio

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New York businesses ask governor to deny permits for crypto mining​

Crypto mining's environmental impact continues to raise concerns with regulators and businesses alike.


New York businesses ask governor to deny permits for crypto mining

NEWS

The New York State Governor Kathy Hochul has been asked by a group of local businesses to deny permits for converting the city’s old fossil-fuel power plants into crypto mining centers. The request comes in the form of a letter cosigned by a number of organizations, businesses and labor groups.
The letter calls for an environmental assessment for Proof-of-Work cryptocurrency mining in NYS while urging Governor Hochul to deny permits to convert the Greenidge Generating Station and the Fortistar North Tonawanda power plants into crypto mining facilities:
“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 proposal highlighted the inefficiencies of PoW authentication and suggests that repowering defunct fossil-fueled power plants would be “seriously jeopardizing the state’s progress on and meeting mandates for reducing greenhouse gas (GHG) emissions.”
The businesses also quoted NYS Commissioner Basil Seggos of the Department of Environmental Conservation saying that “Greenidge has not shown compliance with New York’s climate law.”
NYS is taking action on #ClimateChange. Today @NYSDEC released for public comment draft air permits for former coal plant turned bitcoin mine, Greenidge LLC. DEC has not made a final determination on the permits and Greenidge has not shown compliance with NY’s climate law./1 pic.twitter.com/PKozYCUIeQ
— Basil Seggos (@BasilSeggos) September 8, 2021
Citing the need for a full environmental assessment related to greenhouse gas emissions, the letter demands Hochul’s administration deny the Title V Air Permits for the two fossil-fuel facilities.
Related: Russia considers new energy tariffs as Chinese crypto miners relocate
On the other side of the world, Russian authorities are planning to introduce special electricity tariffs for recently-displaced Chinese cryptocurrency miners.
On Oct. 13, Russian Energy Minister Nikolai Shulginov suggested a new energy consumption framework to differentiate tariffs between general usage and cryptocurrency mining, stating:
“We can’t let miners capitalize on the situation at the expense of low residential electricity tariffs.”
According to research conducted by the New York Digital Investment Group (NYDIG), Bitcoin’s (BTC) energy consumption will remain below 0.5% of the global total over the next decade. The study also suggests that the carbon footprint of Bitcoin will be dependent on fluctuations in Bitcoin’s price, mining difficulty and energy consumption.

 

Scorpio

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so I have a question,

what is the real impact in carbon impact terms of major corporations like joozon or china mart?

not their wholesale/retail business, but their total footprint, ie their suppliers

because that is what we are effectively comparing here,
 

the_shootist

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Since NY replaced its Mafioso, control freak, murderous governor with a real whackjob, this 'proposal' should have no trouble getting enacted
 
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ds_mustang

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so I have a question,

what is the real impact in carbon impact terms of major corporations like joozon or china mart?

not their wholesale/retail business, but their total footprint, ie their suppliers

because that is what we are effectively comparing here,
The carbon footprint of all the legacy financial businesses that crypto obsoletes is many orders of magnitude larger than the crypto mining footprint.

But proof of stake is orders of magnitude more efficient than proof of work. So I think Bitcoin is fighting a losing battle here. Once the environmentalists get their targets on something they scream shrilly until government kills it.
 

Buck

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The carbon footprint of all the legacy financial businesses that crypto obsoletes is many orders of magnitude larger than the crypto mining footprint.
got a link for that data?
 

ds_mustang

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ds_mustang

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Given the political environment and the functionally similar replacement of the more efficient proof of stake with proof of work, I predict yet another fork in bitcoin's future. Some will add proof of stake to Bitcoin and some will stick with the original proof of work. The question is which group keeps the Bitcoin name.
 

nickndfl

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If a legal entity has the $ for electric payments why should competition be allowed to block them from operating in the market?
 

Buck

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I've seen this chart:

View attachment 228896

Which comes from this article:

but isn't it true, the fiat industry is larger than the BC market by...how many percentage points?


seems like he did a lot of work in that article but i missed the 'scaling part' where everyone who is invested with crypto's will need to have access to electricity just to charge their cell phones while those paying with 'paper' won't need any electricity at all
 

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Of course, the "buggy-whippers" will go down kicking and screaming. But, they are going down.
 

Buck

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Of course, the "buggy-whippers" will go down kicking and screaming. But, they are going down.
but let's hope they go down honestly and not because PETA says they have to......
 

ds_mustang

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but isn't it true, the fiat industry is larger than the BC market by...how many percentage points?


seems like he did a lot of work in that article but i missed the 'scaling part' where everyone who is invested with crypto's will need to have access to electricity just to charge their cell phones while those paying with 'paper' won't need any electricity at all
The system behind the use of checks and cash is huge and wasteful. In no way is "those paying with paper won't need any electricity at all" true. Using fiat digital payments is more efficient as you're not creating and trucking tons of paper everywhere, but you've still got all the financial industry in the background. The use of crypto wallets uses no more power than using online fiat services like Venmo or online banking for the consumer. So I don't see the problem you're seeing.
 

Buck

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...

you will
 

ds_mustang

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...

you will
People have been telling me that for a decade. Meanwhile crypto has been the most rapidly adopted technology in history (even faster than the internet), and the most lucrative. The regrets have not come from the people who took a risk on crypto.
 

Buck

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People have been telling me that for a decade. Meanwhile crypto has been the most rapidly adopted technology in history (even faster than the internet), and the most lucrative. The regrets have not come from the people who took a risk on crypto.
you will, and i'm not even close to being like anyone else


try following my posts for a while, you'll see
 

ds_mustang

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you will, and i'm not even close to being like anyone else


try following my posts for a while, you'll see
Maybe you should try following my posts. I suggested buying bitcoin when it was around $12.
 

Buck

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Maybe you should try following my posts. I suggested buying bitcoin when it was around $12.
o.k., that's just it, you circular logic the shit out of the entire subject, never let anyone have any input that's contrary to yours...and you'll beat that dead horse for days...


i've tried ds...others have attempted to do the same, those are the threads i've read, plus you and me have done a very small bit of the same thing...doing it now


i'm out, it's not personal, it's individuality but my pov is relevant...crypto is no better than fiat EXCEPT i can clean myself with paper


 

ds_mustang

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o.k., that's just it, you circular logic the shit out of the entire subject, never let anyone have any input that's contrary to yours...and you'll beat that dead horse for days...


i've tried ds...others have attempted to do the same, those are the threads i've read, plus you and me have done a very small bit of the same thing...doing it now


i'm out, it's not personal, it's individuality but my pov is relevant...crypto is no better than fiat EXCEPT i can clean myself with paper


Given enough time you'll eventually be correct. Gold will definitely outlast crypto. And humanity.