Hochul must stick to her guns against cryptocurrency mining

12 December 2022

in Mining

Reading Time: 2 mins read

“Activists’ next goal: Close gas cryptomines,” Nov. 29, reports that Gov. Kathy Hochul has displeased cryptomining supporters twice recently. I’d like to encourage her to keep it up.

Cryptocurrency mining uses large amounts of energy, stresses electric grids, creates millions of tons of carbon dioxide emissions and benefits only the small number of people who deal in cryptocurrency.

Moreover, cryptominers are not particular about where this energy comes from. For instance, according to the state Department of Environmental Conservation, the Greenidge Power facility in the Finger Lakes “has not demonstrated compliance with the requirements of the Climate Leadership and Community Protection Act, including requirements regarding greenhouse gas emissions.”

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[crypto-donation-box]

Not only did the governor impose a two-year moratorium on additional fossil fuel-powered cryptomining, she also vetoed a bill that would have included a study of cryptocurrency and blockchain technology. This makes sense because the two-year moratorium includes a study to be done by the DEC.

Perianne Boring, of the Chamber of Digital Commerce, called the governor’s actions “irresponsible” because she didn’t look beyond environmental impacts and consider the economic advantages that the industry brings to the state. On the contrary, the governor’s caution shows how seriously she takes her responsibility for the well-being of New York state.

Another New York governor, Franklin D. Roosevelt, once said, “I ask you to judge me by the enemies I have made.” This week, Hochul found the right enemies as she took steps to get cryptomining in line with the mandates of the CLCPA.

John Poreba

New Lebanon

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