Climate activists and conservationists on Friday upheld the Hawkul administration’s decision to deny permission to release Finger Lakes to the main cryptomine, which was once operating on a closed power plant.
Against the backdrop of that victory, they urged Governor Kathy Hokul to sign the bill. Imposing a moratorium About state-wide cryptographic mining, while the State Department of Environmental Conservation is conducting an extensive review of how it fits into efforts to reduce greenhouse gas pollution and phase out fossil fuel use.
At the same time, Finger Lakes crypto miner Greenidge Generation Holdings said it would continue to mine cryptocurrencies at gas-fired power plants while appealing for a state decision. Also, if the decision is rejected, the company may appear in court. That is, the process can last for years until it is completely resolved.
“Governor Hokul must finish his job by signing the cryptocurrency Moratorium,” said Yvonne Taylor of Seneca Lake Guardian, the organization that led the fight to close Operation Greenwich.
Taylor added that this was the Governor’s “moment of hydraulic fracturing” and hinted at former Governor Andrew Cuomo’s 2014 decision not to allow hydraulic fracturing of natural gas in New York. It was welcomed by environmentalists but criticized by the oil and gas industry.
“This decision will not affect our current business,” Greenwich said in a prepared statement to investors after the State Department of Environmental Conservation decided to deny the new “Title V” air emission permit. Said.
The statement continued. “As long as it is necessary to successfully challenge this arbitrary and whimsical decision, we can continue to run uninterrupted under the existing Title V Air Permit. It is still valid.”
Cryptocurrency mining is a way for investors and computer professionals to set up a dedicated bank of computers to solve the long and complex mathematical equations needed to validate transactions in cryptocurrencies. This is a cryptocurrency, sometimes available in cash, in a digital format that exists online on the blockchain or is accessible to users with a personalized “key” or special code.
By detecting and validating these cryptocurrency transactions, miners earn digital “coins” or currencies that can be converted into dollars.
This practice can be lucrative and miners are active globally, but mines consume enormous amounts of electricity due to the special computers involved in the process running 24 hours a day, 7 days a week. To do.
As a result, miners are always looking for places with cheap electricity.
Northern New York is one such location because of the availability of low-cost hydropower.
However, Greenwich has acquired a gas-fired power plant on Lake Seneca. While the power plant powers the state’s power grid, it also operates Greenridge’s Cryptomine.
Environmentalists say that so much electricity consumption, especially from gas plants, goes against the state’s goal of reducing greenhouse gases.
Basil Segos of the State Environmental Protection Commission essentially agreed with the allegation of refusing to apply for an air permit.
As Greenidge’s appeal unfolds, activists say other crypto miners are still coming to the state and want to reopen a dormant gas-fired power plant to run their computers. I am.
That’s why environmentalists are promoting the moratorium.
Supporters such as Anna Keres, a Democratic Party member of Isaka, and Senator Kevin Parker, a Democratic Party of Brooklyn, who sponsored Congressional moratorium measures, said that despite state climate leadership, other crypto miners have gas-fired power plants. The Community Protection Act, which states that it focuses on operations, aims to eliminate these facilities.
Opponents also found that cryptomine is essentially a computer-filled building that can be programmed from a distance, thus creating relatively little work. Much work involves taking care of your computer and making sure it keeps running. According to previous reports, Greenidge includes more than 15,000 of these dedicated mining computers.
Cryptographic supporters see things differently. They say this is an opportunity for northern New York to host a growing industry, which could help generate tax revenues and revive the rusty areas of the state.
Construction and trade unions also like mining because reopening a power plant could create more jobs.
Some financial companies pursued cryptocurrencies I opened my wallet Regarding election donations.
The Times Union previously reported that the federal PAC, Protect Our Future, was heavily funded by Sam Bankman-Fried, the founder of the Manhattan-based FTX Group. The PAC donated about $ 1 million to a New York-based group. The group cites Antonio Delgado, Deputy Governor of Hokur, as one of the candidates to support this year.
According to state records, in March the FTX Group hired a Hinman Straub lobbying company for $ 11,000 a month to work on behalf of the crypto industry.
The moratorium will face a veto decision by Hokur, but by initiating research without the moratorium, another bill, which appears to be taking a milder approach, has also been passed by lawmakers.
Sponsored by two Queen Democrats, Congressman Clyde Vanell and Senator James Sanders, the measure directed the Department of State to establish a task force to study cryptocurrencies. We will consider various aspects of cryptocurrencies, such as consumer protection and environmental impact.
“New York is undoubtedly the financial center of the world, and we need to make sure we help build an environment where we can continue to lead the world in the financial sector,” the sponsor said in a memorandum of understanding. Read some in support of the bill.
rkarlin@timesunion.com • 518-454-5758 • @ RickKarlinTU
