News New York Imposes Two-Year Moratorium on New Crypto Mining Facilities

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While hydro was historically considered renewable, many of the USA's largest water reservoirs entered summer close to their lowest lows in recorded history despite May usually being their highest level of the year, meaning water consumption over the winter exceeded replacement from rain and snow. Many people won't be able to rely on cheap hydro power for much longer, especially if crypto ends up taking all of it.

If New York knows what is good for itself as a whole and the world in general, I hope that moratorium turns into a ban within the next two years.
 
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Lobbyists with The Bitcoin Association have spoken against the measure over fears of the "soft-ban" being eventually extended or turned into a full-fledged cryptocurrency mining ban in the state. It is threatening to leave and relocate to more mining-friendly states, such as Texas.
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Go, then. You won't be missed.
 
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King_V said:
Go, then. You won't be missed.
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It's attitudes like yours that has turned NY State to cr*p. You probably live in NYC; well those of us further "upstate" would like to kick NYC out of the state.

And is this really about "energy consumption", or is that just a convenient excuse to shut down a system the government doesn't have control over?
 
Admin said:
The State of New York has issued a moratorium on new cryptocurrency mining facilities looking to settle their roots within its borders. The move blocks energy-intensive Proof of Work expansions while instating renewable energy requirements.

New York Imposes Two-Year Moratorium on New Crypto Mining Facilities : Read more
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Even if crypto was 100% renewable energy, that's 100% energy that could be used elsewhere where carbon based fuels are used.

That's like daming up a stream to feed a lake? What happens to the downside of the dam? It suffers.
 
spongiemaster said:
Not if the farm paid for the construction of the facility or revival of an abandoned facility.
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Most of the retired facilities are oil, coal and gas powered, not particularly cost-effective. Also, production of solar panels, wind turbines and supporting components is finite, every panel or turbine that goes to crypto is still one less panel or turbine going into the grid.
 
Senile Otaku said:
It's attitudes like yours that has turned NY State to cr*p. You probably live in NYC; well those of us further "upstate" would like to kick NYC out of the state.

And is this really about "energy consumption", or is that just a convenient excuse to shut down a system the government doesn't have control over?
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Without NYC, how would the rest of the state pay for well, anything? Buffalo isn't picking that up.

I hope those miners do move to Texas - I lived in TX for 15 years. Miners in Texas will go broke very, very quickly. I hope they like paying spot prices for the electricity.

The Texas electric grid is LITERALLY designed to gouge their customers.
 
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Senile Otaku said:
It's attitudes like yours that has turned NY State to cr*p. You probably live in NYC; well those of us further "upstate" would like to kick NYC out of the state.

And is this really about "energy consumption", or is that just a convenient excuse to shut down a system the government doesn't have control over?
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The point - you have completely missed it. And, looks like I found the crypto-fan.

EDIT: also worth noting, I do not live in NYC.
 
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King_V said:
The point - you have completely missed it. And, looks like I found the crypto-fan.
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WRONG! I have NO interest in doing crypto-mining. Any advance hardware I'm getting is for animation rendering. But I have little trust that the NY State government does anything to benefit the majority of it's citizens. Kind of like the Bonehead Beijing Biden administration.

I think I've likely seen the point they DON'T want you to see.
 
Senile Otaku said:
WRONG! I have NO interest in doing crypto-mining. Any advance hardware I'm getting is for animation rendering. But I have little trust that the NY State government does anything to benefit the majority of it's citizens. Kind of like the Bonehead Beijing Biden administration.

I think I've likely seen the point they DON'T want you to see.
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Oh, so, it was just a political rant. Not germane to the topic, then.
 
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spongiemaster said:
New York Hydroelectric Power Plant to Power Bitcoin Mining

Old plant that was going to get torn down, repurposed for bitcoin mining. Very unlikely doesn't mean not possible.
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The owners decided to preserve the site and refurbish it years before bitcoin existed. So it would still be operating regardless of crypto, they're just currently using a portion of the power they generate to mine bitcoin because it's apparently more profitable than selling it all to the grid (which they say is what they'd prefer to do).

https://www.timesunion.com/news/article/Mechanicville-hydro-plant-gets-new-life-16299115.php#content
 
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