Following China’s crackdown on crypto miners, many have started searching for a new home, with the US becoming one of the prime locations. Some states are, of course, friendlier to the crypto industry than others, such as Florida. In fact, the Miami mayor even officially invited miners to come to his city and use nuclear power for mining some time ago.
The state of New York, on the other hand, falls under the category of not-so-friendly regions. In fact, multiple businesses that operate in the state have recently requested that State Governor Kathy Hochul deny permits to use the city’s old fossil-fuel power plants for mining.
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The letter that was signed by multiple organizations called for an environmental assessment of crypto mining in the state, claiming that Proof-of-Work crypto mining is using enormous amounts of energy to power computers. Their concern is that this activity in New York could undermine the state’s climate goals.
Meanwhile, Russian authorities are planning to allow mining, but also to introduce special electricity tariffs for those who wish to start doing it in the country. Nikolai Shulginov, the country’s Energy Minister, suggested the new energy consumption framework that would bring new tariffs, and differentiate them from those for general usage.
He argued that the country cannot allow miners to capitalize on the situation at the expense of low residential electricity tariffs.
As for how much power crypto mining actually consumes, a research conducted by the New York Digital Investmet Group has found that Bitcoin’s energy consumption will remain below 0.5% of the world’s total power consumption over the entire next decade. However, the coin’s carbon footprint will depend on the coin’s price fluctuations.
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