Cryptocurrency mining systems consume high amounts of energy. Today, as climate change is getting more serious and the transition to renewable energy is progressing strongly, energy consumption in this area is ...
READING NOW New York bans fossil fuel-using crypto mines
The ban could spread across the US
Gas and coal power plants struggling to survive in New York City have turned to crypto mining to overcome economic woes and mandates to curb fossil fuel production. It was also mentioned that a gas factory in New York’s Finger Lakes region switched to bitcoin mining in order to recover financially.
On the other hand, the bill was strongly opposed by crypto industry lobbyists. The Verge reports that the Blockchain Association spent $225,000 lobbying to override the bill and tried to dissuade Hochul by donating thousands of dollars to the campaign. On the other hand, it is expected that the law will set a precedent for other US states and similar laws will be enacted across the country.
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