New York looks to ban cryptomining to study environmental impacts

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onetheycallEric

Posts: 224   +43
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Forward-looking: As the value of various cryptocurrencies rise, so does the scrutiny surrounding the massive energy footprint associated with mining. New York has emerged as the first state looking to assess the impact that cryptomining has on the environment, and what implications or threats it may have for local and global energy policy.

A new bill aimed at cryptocurrency is making its way through the New York senate, and it’s one that will undoubtedly ruffle a lot of feathers. Bill S6486 is seeking to establish a three-year moratorium, or pause, on cryptocurrency mining within the state of New York.

Also read: What Is Cryptomining?

In the current text, the bill calls for “an act to establish a moratorium on the operation of cryptocurrency mining centers; and providing for the repeal of such provisions upon expiration thereof.” The three-year moratorium would presumably give New York ample time to investigate the consequences that cryptomining has on the environment.

The bill doesn’t define what constitutes a “cryptocurrency mining center.” While it’s safe to assume any commercial operations would be included, it’s less clear what impact such a bill would have on individuals casually mining on their own machines.

Assuming the bill passes, an environmental impact statement review period will begin for all cryptocurrency mining operations in the state, and will be subject to 120 days of public comment. Additionally, the New York State Department of Environmental Conservation will hold at least one public hearing in every region of New York.

Again, assuming the bill passes, any future cryptocurrency mining will be contingent on New York finding that it does not compromise the state’s greenhouse gas emission targets as defined in the Climate Leadership and Community Protection Act of 2019.

The proposed bill is currently being considered under a committee, and assuming it isn’t tabled, the next step is the voting calendar.

Image credit: Kan_chana

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Dimitriid

Posts: 558   +959
It's not "easy" but also not incredibly difficult that they'd just move to New Jersey on some shitty warehouse there or some other place close so, kind of pointless unless it's far more widespread.
 

Watzupken

Posts: 205   +182
While I like the idea of banning cryptominger, I am not sure if its useful to ban cryptomining in New York. Big time miners are unlikely to be based out there.
 

ZackL04

Posts: 732   +561
Just the government flexing cause they cant figure out a better way to get their cut.

This should never pass, but it very well could

Hypocritical if you ask me, they want us all in electric vehicles for environmental reasons yes? Those vehicles charge overnight with what high current resource again??..dont forget the environmental effects of lithium mining too..

 

FF222

Posts: 263   +205
You compared apples to oranges. So yeah, you were pretty much saying that.

So, try again. Make a better comparison instead of that disingenuous one.

You have exactly ZERO reading comprehension. And then I assumed to your benefit that you really just can't understand what you read, and are not dishonest to begin with.

trparky is right: Bitcoin is using magnitudes more energy to process a transaction than does a regular credit card system, and it does that also magnitudes slower. Bitcoin has failed as a currency, and has failed as a general transaction/payment system. It's merely a tool for speculation and criminal activities now, and is a climate change nightmare. The sooner we get rid of it by banned it everywhere, the better we all will be off.
 

FF222

Posts: 263   +205
Nice logical fallacy. Why don't you try again and not just attack me next time, okay?
Wrong. I didn't attack you, but merely pointed out your zero reading comprehension. You also conveniently ignored the rest of my comment - obviously, because even you know you have no counter-argument. Well, that says everything, I guess.
 

arrowflash

Posts: 365   +380
Your life will not return to normal for now, because the USD is going into hyperinflation soon. Crypto is actually a way to safeguard your wealth. The ones hating on it are the ones that are going to get hit the hardest.


I've been hearing about USD going into hyperinflation soon™ since the late 1990s. How soon is soon™ I wonder.
 

m4a4

Posts: 2,364   +2,647
TechSpot Elite
Wrong. I didn't attack you, but merely pointed out your zero reading comprehension. You also conveniently ignored the rest of my comment - obviously, because even you know you have no counter-argument. Well, that says everything, I guess.
That's what I thought, not worth my time considering your dishonesty.

Ps: You didn't edit in the 2nd part to it when I saw it, but too late. What I quoted is what you led with. And you still compare part of a transaction to a whole transaction.
 
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Lounds

Posts: 819   +726
People talking about energy wasted etc, what about every time you use Netflix or YouTube. What governments round the world should be doing is saying crypto mining is fine as long as it's fueled by renewable energy locally. Obviously it's impossible to police but it would be a start. Crypto is likely here to stay but currently it's used by tax avoiders, laundering drug money and optimistic get rich quick people.
 

Watzupken

Posts: 205   +182
Your life will not return to normal for now, because the USD is going into hyperinflation soon. Crypto is actually a way to safeguard your wealth. The ones hating on it are the ones that are going to get hit the hardest.
Safeguard your wealth with cryptocurrency? I won't want a currency where the value is derived out of confidence in nothing, and with its value that fluctuates drastically. Unless you don't mind the potential being a millionaire today and losing substantial amount of wealth at some point in time, which I don't.
 

Farkinell

Posts: 158   +225
I've been hearing about USD going into hyperinflation soon™ since the late 1990s. How soon is soon™ I wonder.

Society will implode/the revolution is coming/the global economy will collapse/they'll be an impending race war/an illuminati coup/ - Delete as appropriate.

It's the usual 'prove it won't happen' argument you hear time again on forums, social media and all the way down to crazy guys wearing 'the end is nigh' boards rambling on street corners.

There's no evidence any of it will happen because it's all paranoid nonsense divorced from reality.
 

mattferg

Posts: 163   +164
Oh wow Democrats are finally doing something useful!

Because sorting out the border issue, the stimulus bill, HR1 and everything else they’re doing isn’t useful?

What’s more useful? Spending billions on a wall defeated by a Home Depot ladder? Banning perfectly competent LGBT officers from the military? Blackmailing Ukraine?
 
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