NY Bitcoin Mine's Future Will Wait Until Gubernatorial Primary

New York State, once again delayed its Decision on whether to allow Operations to continue at a Power Plant used for Bitcoin Mining, pushing back its Controversial Ruling until after Primary Elections are held in June, or in August if Final Maps aren't approved.

The Cryptocurrency Industry and Environmental Advocates, have watched closely for the Decision on the Greenidge Permits, which they view as a sign for whether New York will allow Bitcoin Mining Operations at Dormant Power Plants across the State.

Bitcoin, the World’s dominant Cryptocurrency, depends on so-called Miners, whose high-powered Computers run Day and Night to process Transactions, and earn Rewards in the valuable Virtual Currency.

Mining has also become an issue in the Race for Governor, with Candidate Jumaane Williams (D) calling for a Ban, and Environmental groups pushing Gov. Kathy Hochul (D) to Outlaw Mining.

If New Maps are approved, the Primary Vote will be held June 28th.

The New York State Department of Environmental Conservation (DEC) said in an emailed Statement last Thursday afternoon, that it was Delaying its Decision until June 30th.

Greenidge, which is Controlled by Private Equity firm, Atlas Holdings LLC, applied last year for the Standard State Pollution Permits, that Power Plants must have to Operate.

The Decision by the DEC is Controversial since Cryptocurrency Mining is increasingly under Scrutiny for its outsized Electricity Consumption.

The State Department Delayed its Decision on Greenidge’s Plant, in January, and had set March 31st as its New Deadline.

Greenidge said it is Operating in Compliance with its Existing Permit.

Meanwhile, Lawmakers in New York, advanced a Bill in March, that if passed, would impose a Two-year Moratorium on an Energy-Intensive type of Cryptocurrency Mining in the state.

Other Politicians are also focused on the Industry’s Energy Consumption. U.S. Sen. Elizabeth Warren (D-MA) wrote a Letter to Greenidge in December, pressing the company about the impact of its Operations on Climate Change, the Local Environment, and Power Prices. Greenidge responded by saying its Operations are Carbon Neutral.










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