New York State is throwing the arrow at Bitcoin mining
This is an opinion piece by Rick Mulvey, author of The Fraud Within and contributor to Bitcoin Magazine.
New York State’s Department of Environmental Conservation gave another blow to the Upper State Greenidge Generating Facility, which produces electricity for the power grid and also extracts bitcoin.
Greenidge stated that the decision, announced Thursday, to deny them a new “Title V” air permit will “have no impact on our current operations.”
The company, which is based in New York’s Finger Lakes region, said it will continue to operate its natural gas-fired plant while appealing DEC’s decision. In a statement, the company said “We can continue to run uninterrupted under our existing title V-Air Permit, which is still in force as long as it takes to successfully challenge this arbitrary and capricious decision.” The company stated its intention to pursue legal action if their appeal is not successful.
Source: Wikipedia.org photo
Climate activists are urging Governor Hochul to take the next step
Referring to the recent bill to impose a two-year moratorium on cryptocurrency mining, Yvonne Taylor of the Seneca Lake Guardian said: “Governor (Kathy) Hochul must complete the job by signing the cryptocurrency.”
The Moratorium Bill passed by both the Senate and the Assembly, and is now awaiting Hochul’s signature. However, Hochul recently said she does not expect to look at the bill until late this year.
Activists continue to push for the moratorium, claiming that other mining operations are seeking to establish themselves in the state of New York. Other gas-fired power plants are being monitored for cryptocurrency mining, according to Senator Kevin Parker (D), one of the co-sponsors of the moratorium bill.
The Assembly’s supporters of cryptocurrency launch compromise proposals
In a recent development, the New York State Assembly has passed a bill requiring the New York State Department of Financial Services to establish a working group to study cryptocurrency mining, without imposing a moratorium. Introduced by Clyde Vanel (D), measure A09275 will propose to study various aspects of cryptocurrency, including consumer and investor protection. The bill passed the assembly by a vote of 122-25 on March 28.
The New York State Senate also passed the bill, June 2, overwhelmingly, by a 61-2 vote.
That bill now also goes to Governor Hochul for signature.
Supporters of cryptocurrency continue to highlight the benefits of mining
Construction and trade unions, especially the electrical trade union, have been major advocates for the cryptocurrency mining industry. Establishing mining using previously closed power plants could create thousands of well-paying jobs in the state of New York, they claim. The area is part of the huge “rust belt” in the northeast, which has eroded production jobs for decades.
And of course, when they address their case to government officials, spokesmen are quick to point out that these operations may well generate significant tax revenue for the state.
New York State has in many ways long been considered the financial capital of the United States, and cryptocurrency advocates want to ensure that the state does everything it can to promote a business-friendly climate and a home for innovative technologies.
This is a guest post by Rick Mulvey. Expressed opinions are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
