The debate over crypto mining has been raging for years, but the battle seems to have intensified in recent weeks.
Is crypto-mining a bad business? Surely not...
For some time now, there have been several reports that cryptocurrencies are endangering the planet. They say there are some developing countries that don't use the same amount of energy as their cryptocurrency mining facilities. In addition, there are many arguments that the pollution caused by these companies causes great damage to the environment.
New York Assemblywoman Anna Kelles is one of the politicians currently supporting a moratorium on cryptocurrencies in her state. The law prohibits all digital currency mining companies from setting up shop in the Empire State because they don't use renewable energy sources.
In his recent testimony to Congress, Kelles noted the damage done by cryptocurrency mining companies. He has discussed with many of the mining companies that call New York home today, especially the big ones like Greenidge, which he believes make life difficult for residents. He said:
Sites like Greenidge also negatively impact aquatic life, killing thousands of fish each year and increasing the risk of harmful algal blooms that are toxic to both animals and humans.
The problem with such arguments, however, is that they are largely based on information that is currently believed to be false, or rather, not verified or fully understood.
Steve Griffin, of Yates County, New York, and CEO of the Finger Lake Economic Development Center, said recently that many of the arguments made by people like Kelles are completely overblown. He decreed:
We know the value and importance of lakes and their value to our environment or climate. I mean, we're a big farming community. We know the value of climate. We don't want to push anything that will have a negative impact.
William Hall is the mayor of Dresden, where Greenidge is located. He says that no one has come to see the company's work, so they can't say for sure that the company is doing much harm to the atmosphere.
Come and see!
He also said he was tired of people's constant negative comments about cryptocurrency mining companies and wanted to make a positive point every now and then. He said:
No one came to tell us about it. We need people somewhere to come and talk to the beneficiaries [of Greenage's existence], not even the people against [Greenage] who don't live here.