Crackdown in New York on Use of Fossil Fuels for Crypto Mining

November 24, 2022 By Monica Green

(Image Credit Google)

Large amounts of electricity are frequently needed for cryptocurrency mining, especially for proof-of-work chains like Bitcoin. The state of New York aims to limit the use of fossil fuels, which are occasionally used to generate that power. On Tuesday, New York Governor Kathy Hochul signed a bill that restricts the use of fossil fuels that harm the environment in cryptocurrency mining. For fossil fuel power facilities that are utilized for energy-intensive bitcoin mining, it places a two-year embargo on new and renewed air licenses. Additionally, the bill mandates that New York's Department of Environmental Conservation assess the impact of cryptocurrency mining on the state's climate goals. In a statement, Governor Hochul said, "I will work to keep New York at the forefront of financial innovation while also prioritizing the preservation of our environment." Bitcoin

Since many blockchains are constructed on proof-of-work, which consumes a large amount of energy to validate each transaction compared to traditional banks and digital payments, environmental impact is a popular complaint of cryptocurrencies. While Bitcoin and some other chains do not, more recent blockchains employ a proof-of-stake approach that is more effective. Earlier this year, the Ethereum blockchain switched to proof-of-stake. One of the biggest issues with cryptocurrencies is the excessive use of fossil fuels. Even if many other businesses also largely rely on fossil fuels, at least you typically end up with something useful, like a car or computer. You only earn money that isn't very good at being money when you mine bitcoins by releasing harmful gasses into the air.

By Monica Green

I am specialised in latest tech and tech discoveries.

Crackdown in New York on Use of Fossil Fuels for Crypto Mining

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