![]() ![]() The majority of the mining projects in upstate New York- at least 11 - are relying not on on-site gas turbines but the electric grid, with a relatively clean mix upstate. The approach is called “proof of work,” and the more computing power a mining operation has, the more fees it can earn. Miners are engaged in a global competition to solve complex calculations that validate transactions, all in exchange for a fee. Such operations underpin Bitcoin and similar digital currencies. Those empty behemoths have become an attractive destination for a new industry that promises new jobs - albeit not on the same scale - and tax revenue for struggling local governments. The state is dotted with old chemical plants, auto manufacturers, aluminum and steel mills that once employed thousands and now sit vacant. The reason upstate New York is a popular destination for these mines is simple: There are large amounts of hydroelectric and nuclear power, relatively low electricity prices and vacant, cheap, empty properties with untapped electrical infrastructure. … Our responsibility is to hit our climate goals. “This is explicitly saying, not our power plants that use fossil fuels and not now. The measure is “a very narrow bill, specifically saying we cannot turn back on our fossil-fuel based power plants if we are going to reach our goals,” said Assemblymember Anna Kelles (D-Ithaca), who has championed the proposed moratorium. Lawmakers, who would be the first in the nation to pass such a moratorium, could vote to do so before their session ends in early June. Kathy Hochul has deferred a decision on a renewed permit for the Greenidge plant, and the state Legislature is mulling a ban on future fossil plants restarting or ramping up operations to run cryptocurrency mines. They worry about their aggressive goals for reducing carbon emissions - the state wants to reach net-zero by 2050 - and the quality-of-life effects in some communities. But as more cryptocurrency mining operations pop up in the state, taking advantage of old industrial space and cheap energy access, environmentalists and some state government officials have grown concerned about the impact. ![]() Supporters of the industry say the plants help rebuild the struggling upstate New York economy. is likely located in Texas and Georgia, limited public industry data indicates New York is a leading state in the Northeast for Bitcoin mining. While more cryptocurrency mining in the U.S. The coal-plant-turned-gas-plant-turned-crypto-mine has become emblematic of a battle over the future of digital currencies, particularly Bitcoin, in New York. ![]()
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