Current Events > NY lawmakers propose bill to BAN crypto mining for 3 years due to carbon--

(+) Yeah! (+)

--emission footprints and impact on climate change

https://earther.gizmodo.com/new-bill-would-ban-bitcoin-mining-across-new-york-state-1846828277

A new bill that hit the New York state senate on Monday is aiming to put a multi-year pause on crypto mining operations across the state until authorities can fully suss out what that mining is doing to the climate and local environment. Bill 6486 is being spearheaded by state Sen. Kevin Parker, who had previously sponsored other bills to help the state meet its climate goals.
Bitcoin mining has come under increasing scrutiny for the staggering carbon footprint tied to electricity use to keep operations running 24/7. An analysis by Digiconomist puts the global mining footprint at around 53 megatons of carbon dioxide annually, equivalent to all of Swedens emissions. Upstate New York has recently become a hotbed of mining activity, and there could be more mines in the works.
While Parkers bill will likely go through a few edits before it (hopefully) gets passed, in its current state, it would institute a three-year moratorium on mining operations. During that period, officials would try to measure the greenhouse gas emissions tied to mining as well as the impacts on local wildlife, water, and air quality. Per the bill, the results of that assessment would be publicly issued and be subject to a roughly four-month comment period. That would allow for public input as lawmakers weigh regulations, of which there are more than a few they could implement to crack down on bitcoin-related pollution.
Small upstate towns, notably Dresden and Alcoa, are where mining operations have taken hold in recent years. There, bitcoin-hungry profiteers have repurposed decrepit power plants that haunt these towns into crypto mining operations. In some cases, the plants provide some power to the grid while using the rest to run their mining operations. Theyve been turning profits for the plants new owners and raised more than a few eyebrows among environmental advocates.

In this case, its an objective study on all the impacts of cryptocurrency, Downs said. At the end, therell be recommendations on how the state should regulate it, or if the state should allow it at all.
Studies show that mining comes with a pretty hefty impact even as the bitcoin price keeps on surging. (And in fact, that may be one reason for the surge in carbon emissions as speculators jump into the market.) While the likes of Jack Dorsey and Elon Musk have falsely claimed bitcoin is good, actually, for the climate, the preponderance of evidence suggests otherwise.
Some regional governments have banned mining, notably Inner Mongolia, China, a hotbed for mining. Plattsburgh, New York became the first city in the state to ban mining back in 2018. But its not a coincidence that New York is suddenly becoming a bitcoin mining hotspot. Ironically, Downs pointed to the recently passed Climate Leadership and Community Protection Act or CLCPA as one of the lynchpins for this new surge in activity across the states bitcoin enthusiasts.
With the new climate law, were clearly trending away from fossil fuel generation and trying to build renewables, he said, pointing out that the final coal-powered plant in New York officially closed last year. And weve had decades of losses in manufacturing capacity, so those big hulking power plants are no longer needed.
Yet as the new bill points out, [c]ryptocurrency mining threatens not only New Yorks climate goals, under the CLCPA, but also global energy policy, such as the Paris Agreement.
The bitcoin boom is just the result of people taking advantage of what amounts to miles and miles of unused real estate, Downs went on. And taking advantage of it for something thats very carbon-intensive, but slips through the cracks in our regulations.

Only a matter of time until this becomes a federal issue.

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this can be fixed on the back end by energy companies and power plants with some federal oversight. Overuse can be charged directly to the miner for the offset via renewable energy investment/carbon sequestration/scrubbing/etc.
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philsov posted...

this can be fixed on the back end by energy companies and power plants with some federal oversight. Overuse can be charged directly to the miner for the offset via renewable energy investment/carbon sequestration/scrubbing/etc.

Or they can fix it by banning it. Not like crypto is providing any value to society.

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Fair next

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New York hates crypto. I wonder why
its almost as if Wall Street is pressuring the government to put more and more hurdles up<img src="//:0">


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philsov posted...

this can be fixed on the back end by energy companies and power plants with some federal oversight. Overuse can be charged directly to the miner for the offset via renewable energy investment/carbon sequestration/scrubbing/etc.

Crypto has no real value though

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philsov posted...

this can be fixed on the back end by energy companies and power plants with some federal oversight. Overuse can be charged directly to the miner for the offset via renewable energy investment/carbon sequestration/scrubbing/etc.

carbon offsetting, lol

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Doom_Art posted...

Crypto has no real value though

Lol what?

Wasssup Now posted...

Lol what?

You heard me

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Isn't most of this shit being done in China anyways? Not that I'm against it; would love to make a quick a buck and call it a day, but I see this more as a banks lobbying the politicians because crypto is changing things kinda play.

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doesn't help that 'the blockchain' is being used more and more for superfluous bullshit. this is an issue that's just gonna become bigger and bigger.

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