New York’s Current Dilemma – In Defense of Cryptocurrency Mining

Not a day goes by without another news story covering the debate surrounding cryptocurrency mining and its impact on electricity usage. Some people claim that cryptocurrency mining is energy-intensive and wasteful. In contrast, others argue that it needs to be seen in the context of the benefits that it brings to the wider economy. There have been many attempts to ban cryptocurrency mining in New York during the past year. However, none of them has been successful. Massena and Plattsburgh passed bans on mining Bitcoin in 2018, but those were overturned after a year. Now, some state lawmakers want to ban some types of Bitcoin mining altogether. However, these attempts are misguided. Mining is a Growing Trend in New York Upstate New York is becoming the new home of crypto mining operations. These companies generate huge amounts of energy by performing computer work for a small fee and are crucial to the cryptocurrency network. In addition to cheap electricity, New York also has abundant hydropower, which makes cryptocurrency mining an excellent business opportunity. However, while some towns are eager to welcome cryptocurrency mining, others are wary. Let’s look at some of the concerns. First of all, crypto mining does not support climate goals. The state has a target of reducing its carbon emissions by 40 percent by 2030, but crypto mining is threatening that goal. One example of a dirty energy source is the Greenidge plant, wh...