New York financial regulator calls on miners to consider climate change

The New York State Department of Financial Services (NYDFS) has asked crypto and other regulated firms to assess financial risks related to climate change. CoinDesk.

The regulator noted that a global temperature rise of one degree Celsius would entail a 1.2% hit to US GDP. This threatens asset devaluation and losses.

The regulator noted that mining could significantly impact the environment. In the regulator’s view, they should develop strategies to mitigate risks and increase transparency regarding Bitcoin mining equipment.

Earlier, the New York regulator urged crypto firms to prepare an emergency plan in response to the COVID-19 pandemic. The plan was to include employee protection strategies, procedures for assessing financial risks, and other measures.

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