Bitcoin miners flock to New York

Cryptocurrency miners are flocking to the New York suburbs because of cheap electricity, many abandoned plants and few rules.

The Bitcoin mining site is located in the Mechanicville hydroelectric power plant in New York. Source: New York Time

Northeast of Niagara, a coal plant that shut down late last month was replaced by a mining company. Bitcoin. An aluminum plant in Massena also gave way to a cryptocurrency mining system. At Oweo, metal recycling magnate Adam Weitsman is also getting ready with a new batch of mining machines next to the scrapyard.

According to the New York Times,more and more U.S. companies are turning to mining the cryptocurrency. The area they fill is northern, northeastern and western New York — which has abundant and cheap electricity — making it one of the largest mining areas in the United States.

Bitcoin mining plant in full bloom

Areas on the outskirts of New York have the advantage of cheap hydroelectric power. Besides, many power plants have closed and are considered very easy to convert functions for Bitcoin mining. Some local governments also favor and license easily because these businesses pay large taxes.

As a result, a series of new Bitcoin factories have sprung up. In the Finger Lakes area, a former coal plant on Lake Seneca has been converted into a natural gas power plant called Greenidge Generation, which provides on-site Bitcoin mining power. Near Buffalo, another cryptocurrency company is taking over power by taking over a gas-fired power plant.

However, the use of electricity from fossil fuels is unpopular due to criticism of environmental pollution. Bitcoin miners are looking to use renewable energy, such as hydropower or solar power, and promote themselves as "environmentally conscious."

Earlier this month, Bitcoin-specialized company Terawulf started a $550 million factory in north-east Somerset. The project consists of a 150 MW power production center, built on the basis of the former coal plant. "The plant uses self-produced hydroelectric power, ensuring that it avoids grid congestion, and can comply with environmental rules," said Paul Prager, CEO of Terawulf.

Opposed

New York does not place restrictions on cryptocurrency mining, but many organizations and individuals do not want the emergence of Bitcoin factories.

In 2017, a coal-fired power plant located near Lake Seneca was shut down and converted by Atlas Holdings' Greenidge into a complex to mine Bitcoin and produce gas-fired power with a capacity of 106 MW — enough electricity to power 85,000 homes. Greenidge promoted himself as the first publicly listed company in the U.S. to do so. "The plant creates new economic momentum, bringing part of the world's digital future to upstate New York," said Dale Irwin, CEO of Greenidge.

However, companies like Greenidge do a lot of environmental damage. They are facing opposition from local residents, who call the plant a threat to the countryside with vineyards, farms and pristine roads.

Greenidge's Bitcoin mining operation is believed to have been Heat lake Seneca by sucking millions of liters of water to cool and discharge back into hot water, endangering the creatures living in the lake. Greenidge objected, saying the water temperature remained at the permissible level and did not affect its surroundings.

Cormorants perched on a cooling pipe belonging to Greenidge Gereration's Bitcoin mining plant. Source: New York Time

Meanwhile, some lawmakers want to make New York one of the first U.S. states to restrict bitcoin mining. In June, the state proposed a bill banning cryptocurrency mining using fossil fuel, but was not approved by the U.S. Congress.

"It's a confusing industry," said Anna R. Kelles, a Democrat who represents the Ithaca region. "It's too new and unregulated on a federal or statewide scale, especially in terms of greenhouse gas emissions, as well as substances that affect water and air."

For the same reason, some environmental activists urged Governor Kathy Hochul of New York to enact a ban on some cryptocurrency mining activities. Senators Kirsten Gillibrand and Chuck Schumer, meanwhile, have asked federal and state regulators to review applications for factories closely.

With political pressure and public opinion growing, Basil Seggos, New York's environmental conservation commissioner, wrote on Twitter in September that companies like Greenidge were not complying with the state's climate laws. He urged residents to get their opinions on whether to continue renewing licenses for such businesses.

Greenidge's case is not unique. Digihost, the Buffalo-based Bitcoin mining company, is reviving a gas-fired power plant. However, the operation here has affected the surrounding areas. Niagara Falls, The Love Canal , a popular landmark in New York , is haunted by landfills and the air is not as fresh as before.

However, local officials approved the plans of companies like Digihost, largely because of the very small environmental costs compared to the benefits these businesses are expected to bring. Digihost says it pays $1 million in annual environmental fees, while creating at least 30 regular local jobs.

Via New York Times

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