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New York does not allow Bitcoin mining companies to renew

Cryptocurrency meltdown continues as investors leave the market

Albany, NY 77} — New York State Authorities Deny Mandatory Renewal of Air Permit to Bitcoin Mining Power Plant on Thursday because it is a threat to the state'sclimate target.

The permit decision was another example of New York that put a brake on the cryptocurrency jackpot that surprised environmentalists. It's also time for the price of cryptocurrencyto plummet, wipe out fate, fuel skepticism, and demand more scrutiny of. Masu.

The state's permit decision was once closed, but a few years ago the old coal on the shores of Lake Seneca, which was converted from coal to natural gas and began full-scale bitcoin mining. It included the Greenidge Generation, a thermal power plant.

Most of the power generated by the plant is now over 15,000 computer servers for Bitcoin mining, which consumes large amounts of power. Is used to run. ..

In refusing to renew, the State Department of Environmental Protection said the conversion of the plant to a cryptocurrency mining business was a significant new energy for "for a whole new purpose unrelated to the original permit". He said it meant creating demand.

Cryptocurrency Mining Moratorium
The Greenwich Generation Bitcoin mining facility at the former coal-fired power plant on Lake Seneca in Dresden, NY, is this photo in November 2021. It is shown in. Ted Shaffrey / AP

"Instead of helping meet the state's current electricity demand as explained at the beginning, the facility is primarily its own. It is operating to meet important new things Energy load. "

The company said it would continue to operate under current permits while disagreeing with the decision. It said there was "no credible legal basis" for the denial.

"Looking at these facts, we reasonably argue that renewing this particular permit for a facility that occupies a small portion of the state's power generation capacity would hamper New York's long-term climate goals. It's ridiculous .. It just wouldn't be. "

A climate activist who sees Greenidge as a test case has asked Governor Kathy Hokul's administration to refuse to renew the plant's air quality permit and block similar projects.

This decision was made when Hochul was deciding whether to sign a two-year moratorium on new and renewed air permits for fossil fuel power plants used for proof of work mining. It is done.

Greenidge is unaffected by this kind of first moratorium measure targeting new applications.

New York has fascinated many companies that need cheap energy to run the huge computer arrays needed for energy-intensive "proof of work" cryptocurrency mining- A computational process term for recording and protecting transactions with Bitcoin and similar forms of digital money.

Greenidge states that even if the plant is at full capacity, its potential emissions are equivalent to 0.23% of the state's greenhouse gas emission reduction target for 2030. The company claimed that the plant was 100% carbon neutral. Purchasing carbon offsets for forestry programs and projects that capture methane from landfills.

Environmentalists were happy with the denial.

"Governor Hokul and DEC stood by science and people and sent a message to outside speculators. New York's former fossil fuel burning plant was a gas-intensive Bitcoin miner. It's not yours to reopen as cancer. Our community. "

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