Proponents call it a competitive way to mine increasingly popular cryptocurrencies, without putting a drain on the existing power grid. Environmentalists see the plant as a climate threat.
Greenidge Generation runs a once-mothballed plant near the shore of Seneca Lake in the Finger Lakes region to produce about 44 megawatts to run 15,300 computer servers, plus additional electricity it sends into the state's power grid. The megawatts dedicated to Bitcoin might be enough electricity to power more than 35,000 homes.
“For decades, this region has been told it would see new industries and opportunities,” Greenidge said in a prepared statement. “We are actually making it happen, and doing it fully within the state’s nation-leading high environmental standards.” Supporters see it as an economic boon in a part of upstate New York that could use the help. Douglas Paddock, chairman of the Yates County Legislature, testified at a public hearing this week that the plant has brought 45 high-paying jobs and made a “significant contribution” to the area through tax payments and capital investments.
A large coalition of environmental groups and other organizations this week asked Gov. Kathy Hochul to deny the air permit for Greenidge and to take a similar action to keep an existing plant near Buffalo from becoming a mining site. The coalition wants Hochul to set a “national precedent” and enact a statewide moratorium on the energy intensive “proof-of-work” cryptocurrency used by bitcoin miners.
Around the country, there are other power plants being used for cryptocurrency mining under different types of arrangements.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin-mining power plant raises ire of environmentalistsAn obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. One mining operation in central New York came up with a novel solution that has alarmed environmentalists.
Read more »
California Scrambles to Find Electricity to Offset Plant ClosuresCalifornia is racing to secure large amounts of power in the next few years to make up for the impending closure of fossil-fuel power plants and a nuclear facility that provides nearly 10% of the state’s electricity
Read more »
Torrei Hart Defends Decision to Keep Ex Kevin's Name (Exclusive)''Cause it's mine, first of all.'
Read more »
First U.S. Bitcoin ETF looks set to debut Monday or Tuesday from ProShares TrustProShares looked set to be the first bitcoin exchange-traded fund, according to sources and fund specialists.
Read more »
Bitcoin price passes $60,000 for first time since April amid October bull runThe cryptocurrency plummeted in price in May this year but has risen steadily through October so far.
Read more »
Bitcoin ETFs may finally make their debut to the trading public next weekThe ProShares Bitcoin Strategy ETF is slated to begin trading on Tuesday. Though it’s a bitcoin futures ETF, the fund is a key milestone for the crypto market.
Read more »