New York has to put the brakes on cryptomining. Here’s why

Efforts to prevent climate change have reached a new level of urgency, with recent reports by the World Meteorological Organization indicating that a “crucial tipping point” is likely to be crossed within five years. There is little time left to take bold action, and we cannot afford to go backwards in reaching New York State’s climate goals.

Yet if the cryptomining industry expands in New York, the energy it uses could drastically undermine the state’s climate goals.

These “mining” activities use enormous amounts of energy to power the computers.  Across the state, the most inefficient, old, and retired power plants that run on fossil fuels are at risk of being purchased and turned back on to run 365 days out of the year to provide cheap energy for Proof-of-Work-based cryptocurrency mining operations.

Read More: New York has to put the brakes on cryptomining. Here’s why

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