New York gubernatorial candidate Jumaane Williams called on the region’s authorities to impose a moratorium on Bitcoin mining and other Proof-of-Work-based cryptocurrency mining due to its energy intensity.
Bitcoin mines that use a ‘proof-of-work’ process have the potential to devastate the environment & local economy, so today I joined advocates & community members on #SenecaLake to call on @GovKathyHochul to declare a moratorium on this type of mining. (1/3) pic.twitter.com/DHWFmmuv72
— Jumaane Williams (@JumaaneWilliams) January 31, 2022
The politician said that mining operations using this method to mine digital assets cause “significant damage to the environment and the local economy”.
According to him, many countries, including China, have banned the practice. There are other, ‘less harmful to communities’ forms of cryptocurrency mining, Williams added.
“Unfortunately, New York is behind, allowing nearly 20% of the country’s mining farms to operate in our state without any oversight or regulation. We need to ask questions now rather than deal with the consequences later,” he stressed.
Williams met with environmental activists and residents opposed to mining operations around Seneca Lake. Earlier, the Greenidge Generation faced accusations from them of negative impact on the lake’s ecosystem — its power plant and cryptocurrency mining facility are located on the lake’s shore.
In December 2021, U.S. Senator Elizabeth Warren expressed concern about the environmental impact of these facilities.
Earlier, the head of the European Securities and Markets Authority (ESMA), Erik Teden, urged EU regulators to ban mining on the Proof-of-Work algorithm due to its high energy consumption.
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