Search Results for: crypto mining

Environmentalists want NY Gov. Kathy Hochul to pull the plug on crypto mining

Opponents say Greenidge Generation’s operation in Dresden adds greenhouse gas, supporters say fuels the new economy

Crypto miners can make money by unlocking new crypto currency like bitcoin, but the process is electricity-intensive which worries climate change activists.
Crypto miners can make money by unlocking new cryptocurrency like bitcoin, but the process is electricity-intensive which worries climate change activists.AP/File

By Rick Karlin Times Union

DRESDEN (NY) – Opponents of what is becoming the state’s best-known and most-controversial crypto-mining facility have enlisted a Columbia University research institute to help explain why New York environmental officials should not renew its current air emissions permit.

The school’s Sabin Center for Climate Change has released a study exploring the legalities of regulating crypto mining and concluded that the Department of Environmental Conservation has the authority to issue, renew or deny air emissions permits from crypto miners who have their own power generation and don’t buy energy from the grid.

Related environmental news stories:
Bitcoin Uses More Electricity Than Many Countries (NY Times)
Every Bitcoin transaction consumes over $100 in electricity (Fortune)

While the logic that a state agency can issue or deny permits may be self-evident, the study represents the latest dispute pitting environmentalists against crypto miners — in this case, the publicly traded Greenidge Generation, which operates a 106-megawatt  natural gas plant on Seneca Lake in the Finger Lakes region that powers its crypto-mining operation.

The study also said that Gov. Kathy Hochul could impose a moratorium on new crypto mines powered by Greenidge’s own power plants pending an environmental review — similar in some respects to how Hochul’s predecessor, Andrew M. Cuomo halted hydrofracking from starting in New York. Since then, study author Jacob Elkin notes, the state passed a 2019 law, the Climate Leadership and Community Protection Act, or CLCPA, calling for steep reductions in greenhouse gas emissions in coming years.

Read the full story here

If you liked this post you’ll love our daily newsletter, EnviroPolitics. It’s packed with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Don’t take our word for it, try it free for an entire month. No obligation.

Environmentalists want NY Gov. Kathy Hochul to pull the plug on crypto mining Read More »

How much energy is cryptocurrency gobbling up?

The Energy Information Agency is starting the process to require cryptocurrency miners to submit energy consumption data after a previous attempt faced legal challenges.

Computers “mine” for Bitcoin at a facility in Rockdale, Texas. Credit: Mark Felix/AFP via Getty Images

By Keaton Peters, Inside Climate New

“The Energy Information Agency is starting the process to require cryptocurrency miners to submit energy consumption data after a previous attempt faced legal challenges.”

“The fast-growing cryptocurrency industry is a major consumer of electricity, but no one—not even the U.S. government—knows exactly how much energy goes into the armada of computers used to ‘mine’ Bitcoin and other digital assets. The U.S. Energy Information Agency estimates that cryptocurrency mining uses between 0.6 percent and 2.3 percent of all electricity per year, but the agency may soon be able to access more precise information.  

In the coming months, the EIA is planning to release the draft of a new survey that will require disclosure from companies in the cryptocurrency mining industry. On Wednesday, during a “listening session,” EIA officials laid out the process for creating the survey, which is typical of how EIA collects energy consumption data from manufacturers and commercial buildings.

How does cryptocurrency affect climate change?

Bitcoin mining, the process by which bitcoins are created and transactions are finalized, is energy-consuming and results in carbon emissions, as about half of the electricity used is generated through fossil fuels.

“Most of the time for us, we are just re-approving surveys, so it’s not usually very controversial. That might not be true this time,” said Stephen Harvey, a senior advisor to the EIA administrator, who facilitated the webinar discussion.  

This marks the government’s second attempt to find out exactly how much energy cryptocurrency mining uses. Earlier this year, amid energy shortages in the dead of winter, the administration sent out an emergency survey to assess Bitcoin mining’s energy footprint.”

Read the full story here

If you liked this post, you’ll love our daily environmental newsletter, EnviroPolitics. It’s packed daily with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Please do not take our word for it, try it free for an entire month. No obligation.

How much energy is cryptocurrency gobbling up? Read More »

NY rejects crypto miner’s bid to renew power plant license permit

The decision was being viewed as an omen for Bitcoin mining in state

By Josh Saul and David Pan, Crypto

New York State rejected the renewal permit for a power plant used by Greenidge Generation Holdings Inc. for Bitcoin mining, a decision that comes after about six months of delays.

The Department of Environmental Conservation said it denied the application because of statewide limits on greenhouse gas emissions.

The ruling comes amid a heated debate between environmental groups and cryptocurrency miners about Bitcoin mining, which uses energy-intensive computers to process records of transactions and earn rewards in the virtual currency. It has become one of the most lucrative businesses and has expanded rapidly in the US. 

Environmentalists want NY Gov. Kathy Hochul to pull the plug on crypto mining

Still, New York is putting forward restrictive measures on crypto mining facilities. The state Senate recently passed a bill that bars miners from using fossil-fuel sources to power their operations.

The bill is set to be delivered to Governor Kathy Hochul, who will decide whether it should become law. Hochul didn’t respond to a request for comment on the legislation.

This is the first time Greenidge’s permits to operate the natural-gas fired facility in upstate Dresden have come up for renewal. The state agency delayed decisions in January and again in March. 

If you liked this post you’ll love our daily environmental newsletter, EnviroPolitics. It’s packed with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Don’t take our word for it, try it free for an entire month. No obligation.

NY rejects crypto miner’s bid to renew power plant license permit Read More »

Bitcoin miners eager to be viewed as green

Facing intense criticism, the crypto mining industry is trying to change the view that its energy-guzzling computers are harmful to the climate

Peter Wall, Argo’s chief executive, at the new 126,000-square-foot facility in West Texas.
Peter Wall, Argo’s chief executive, at the new 126,000-square-foot facility in West Texas
Credit…Carter Johnston for The New York Times


By David Yaffe-Bellany for the New York Times

Along a dirt-covered road deep in Texas farm country, the cryptocurrency company Argo Blockchain is building a power plant for the internet age: a crypto “mining” site stocked with computers that generate new Bitcoins.

But unlike other Bitcoin mining operations, which consume large quantities of fossil fuels and produce carbon emissions, Argo claims it’s trying to do something environmentally responsible. As Peter Wall, Argo’s chief executive, led a tour of the 126,000-square-foot construction site one morning this month, he pointed to a row of wind turbines a few miles down the road, their white spokes shining in the sunlight.

Related energy and environmental news:
Enviros want NY Gov. to pull the plug on crypto mining (Times Union)
Bitcoin Uses More Electricity Than Many Countries (NY Times)
Every Bitcoin transaction consumes over $100 in electricity (Fortune)

The new facility, an hour outside Lubbock, would be fueled mostly by wind and solar energy, he declared. “This is Bitcoin mining nirvana,” Mr. Wall said. “You look off into the distance and you’ve got your renewable power.”

Facing criticism from politicians and environmentalists, the cryptocurrency mining industry has embarked on a rebranding effort to challenge the prevailing view that its electricity-guzzling computers are harmful to the climate. All five of the largest publicly traded crypto mining companies say they are building or already operating plants powered by renewable energy, and industry executives have started arguing that demand from crypto miners will create opportunities for wind and solar companies to open facilities of their own.

The effort — partly a public-relations exercise, partly a genuine attempt to make the industry more sustainable — has intensified since last spring, when China began a crackdown on crypto mining, forcing some mining operations to relocate to the United States. A trade group called the Bitcoin Mining Council was also formed last year, partly to tackle climate issues, after Elon Musk criticized the industry for using fossil fuels.

Crypto mining does not involve any picks or shovels. Instead, the term refers to a verification and currency creation process that is essential to the Bitcoin ecosystem. Powerful computers race one another to process transactions, solving complex mathematical problems that require quintillions of numerical guesses a second. As a reward for this authentication service, miners receive new coins, providing a financial incentive to keep the computers running.

Read the full story here

If you liked this post you’ll love our daily newsletter, EnviroPolitics. It’s packed with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Don’t take our word for it, try it free for an entire month. No obligation.

Bitcoin miners eager to be viewed as green Read More »

Verified by MonsterInsights