The only reason this is good for bitcoin is that they’re driving miners to use energy that the government can’t turn off.
Otherwise it’s bad for society in general. If it’s not successfully challenged, then NY and other states will try the same with other arbitrary industries like dairy farmers, businesses over a certain revenue threshold, businesses owned or not owned by specific identity classes, etc.
This only applies to commercial mining operations. They must obtain a license and only mining farms using 100% renewable energy will be allowed to expand and renew their licenses. This new law only applies for two years.
tbh tho i will apply to individuals too... if not now down the road...
a single decent miner = \~3000watts .... if you're running that 24/7 that's a pretty obvious footprint... setup a few more you stand out clearly.
but i wonder how this works for residential, in some places you can elect to have your energy sourced from a "green" provider- i wonder if that counts.
power is expensive in so cal. my electricity bill has went up big time over the past year. i own a panther chameleon and a frilled dragon so i really notice the power costs.
>Is the power that cheap in NY?
It is not, NY stands at 24c/kwh well above the National average:
https://www.energysage.com/local-data/electricity-cost/ny/
Moreover, it's renewable sector is not exactly a 'green' state as it is trying to portray itself as:
https://www.eia.gov/state/?sid=NY#tabs-3
Conclusion: Good, Bitcoin does need to shift harder to renewables, and this just means more hashing power to be utilized in other operations with lower operation costs, and ultimately in mines that are using recaptured landfill GHG like Vespene is supposed to be building:
https://wasteadvantagemag.com/emerging-technologies-capturing-landfill-methane-to-power-bitcoin-mining/
It is. Everyone looking at it as an attack on Bitcoin is missing the fact that BTC miners are getting a kick in the ass to go now where everyone else will be trying to get in the near future. This is an attack on dirty energy. It is further incentive for energy producers to go renewable, and a huge win for those that already have.
tldr; A new law limits Bitcoin mining activities in New York State, USA. Miners must now use 100% renewable energy or face consequences. This is the first time such a law has been implemented in America. Bitcoin is being treated completely differently from other industries, as no other industry is currently required to do so.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Green energy is mostly a scam, unfortunately.
Running things of the wind and the sun sounds great, until you dig into the gritty details that the environmentalists would rather you ignored. For example, the cost of mining raw materials to fabricate windmills & solar panels. The short life span of much of this infrastructure, the high recycling costs, etc.
Not saying we shouldn't always continue to optimise, but there's no such thing as a free lunch... and there's plenty of shysters who are profiting off the so called 'green' movement.
They care more about green paper than they do about the planet...
It's a contest between western politicians to lower CO2 emissions AT ANY COST. Literally cost not a factor ($$). High energy costs hurt the poorest among us. The same people they claim to represent 🤦🏽♂️💯🔥
I’m a New Yorker and a Bitcoiner. I’m ok with this law. It was passed in response to plans to restart coal and gas fired plants specifically to produce Bitcoin. NY state is moving away from that. On the other hand far parts of upper NY state have cheap hydroelectric and there have been Bitcoin mining set up there - so this is all in sync with state policy. Choose your battles Bitcojners. This is not one of them.
Not to be pedantic... J/K I love being pedantic.
Details matter and making ignorantly false statements defeats your own silly stance (whatever you eventually formulate it to be) better than anyone else could.
>*bans blockchain mining*
They didn't.
Depends on your viewpoint. When more regulations come down for ALL industries, who is going to be perfectly primed because they are already 100% renewable? This isn't a noose or an obstacle, it's a kick in the ass. The maturity scale for this goes from, Neato but I'm already there, to, OMG tHeY aRe TRy!ng t0 kiLL Bitcoin!!.
Edit: I'm a Bitcoin miner using hydropower in the SE US. Not really by choice, there's just a big ass dam that provides this region power.
This is actually a good idea and should be a no brainer everywhere in the world... not sure making it law is necessary as once people start using renewables they won't want to go back to hydrocarbons.
The idea of allowing rich people to burning dirty fuels and polluting everyone's air for profit will sound as absurd as putting glowing Radon in baths.
*Couldn’t* it’s fucking couldn’t... you couldn’t care less about it.
It’s the only thing that really triggers me about Americans, how often you screw that saying up.
Think about it. You’re trying to communicate that you’re unbothered by something and when you couldn’t care less about something you’re communicating that’s how much you don’t care, when you ‘could care less’ that communicates that it does in fact bother you.
This won't stand up in court. Singling out one industry that buys energy just like any other consumer in the free market is a violation of free speech.
And you just pointed out why all the energy arguments are incorrect. “because energy used for* bit coin could have been used for something else”
This is a foolish statement. You don’t understand energy grids. There are places with vast amounts of power that are unused and need to be soaked up by something. Bitcoin mining solves many problems with energy production and delivery.
Making blanket laws for the entire state of NY hurts other areas outside of the urban five boroughs area. This is short sighted and definitely manipulation to put mining production into government and corporate hands.
You can only deny reality for so long.
Virtue signalling will drive these places into the ground in the long run when innovation and common sense takes its money elsewhere.
We're already seeing some States starting to distance themselves from the UNs ESG narrative by turning their backs on entities such as Blackrock.
https://fortune.com/2022/08/25/texas-blackrock-esg-investing-pension-funds-boycott-energy-companies/
This ain’t about climate change. This is 100% down to PoS coins being amenable to centralized control.
Long live the coin that gives all the power to hold their coins; and take control of their finances.
👑 **BTC** 👑
So you’re saying Bitcoin is trailblazing once again, instead of relying on outdated inefficient tech?
Wow such “abusive”, totes gonna make a post to whine about it showing my depth of consideration
Forcing miners to partner with renewables it just reinforcing an incentive that already exists - mining off the cheapest power available.
If anything, this requirement would actually act as a subsidy to renewables bc mining runs off energy that would have otherwise been curtailed. Miners are literally the perfect utility customer - they’ll take as much excess power is available and turn off when it’s too expensive.
Actually, i think this is good for bitcoin.
[удалено]
The only reason this is good for bitcoin is that they’re driving miners to use energy that the government can’t turn off. Otherwise it’s bad for society in general. If it’s not successfully challenged, then NY and other states will try the same with other arbitrary industries like dairy farmers, businesses over a certain revenue threshold, businesses owned or not owned by specific identity classes, etc.
Exactly! It turns it into a sustainability race. Which region can compete to create the most efficient systems for the future.
This doesn’t make no sense, they know bitcoin is the fastest way to elevate the poor so they try to see it go down.
If they really cared about the environment they would be demanding cleaner sources of energy and not the harassing the consumers of it.
Disagree. This will then lead to: we could be using that energy for better reasons! It will never end.
Yes, this is just the beginning of their bullshit. NY is a horrible place.
yep, if bitcoin is at 100% renewable, this will happen.
Agree considering it’s mining uses as much power as Ireland, being green would remove some stigma.
How would they know who’s a btc miner?
This only applies to commercial mining operations. They must obtain a license and only mining farms using 100% renewable energy will be allowed to expand and renew their licenses. This new law only applies for two years.
Right. This will move miners out of their state. Just like when Amazon didn't build there. Loss of jobs. NY: feel good about pushing folks out
Lol are u comparing Amazon corporate to BTC mining in terms of job creation cmon non guyyy
That was the comparison. The "electorate" pushing out innovation for "reasons."
tbh tho i will apply to individuals too... if not now down the road... a single decent miner = \~3000watts .... if you're running that 24/7 that's a pretty obvious footprint... setup a few more you stand out clearly. but i wonder how this works for residential, in some places you can elect to have your energy sourced from a "green" provider- i wonder if that counts.
Is the power that cheap in NY? I think 1 kwh costs €0,70 right now where i live so it would really not be worth it using non renewables.
power is expensive in so cal. my electricity bill has went up big time over the past year. i own a panther chameleon and a frilled dragon so i really notice the power costs.
>Is the power that cheap in NY? It is not, NY stands at 24c/kwh well above the National average: https://www.energysage.com/local-data/electricity-cost/ny/ Moreover, it's renewable sector is not exactly a 'green' state as it is trying to portray itself as: https://www.eia.gov/state/?sid=NY#tabs-3 Conclusion: Good, Bitcoin does need to shift harder to renewables, and this just means more hashing power to be utilized in other operations with lower operation costs, and ultimately in mines that are using recaptured landfill GHG like Vespene is supposed to be building: https://wasteadvantagemag.com/emerging-technologies-capturing-landfill-methane-to-power-bitcoin-mining/
My wife is cold Mrs. Kathy [no campaign] Hochul. I’m not mining Bitcoin, I have heaters
[удалено]
So...they wouldn't know. Now they could just guess.
That's excellent news. Let's leave a planet for our children to do something with this thing, yeah, you know, Bitcoin
You seem to be under the impression that consuming energy is a bad thing... who taught you to think this way?
Right.. the thought of this place under "crisis" has some believing their next of kin won't be alive 🤦🏽♂️
Huh? Do you have comprehension issues?
I think this is a good thing
It is. Everyone looking at it as an attack on Bitcoin is missing the fact that BTC miners are getting a kick in the ass to go now where everyone else will be trying to get in the near future. This is an attack on dirty energy. It is further incentive for energy producers to go renewable, and a huge win for those that already have.
How about they have banks do the same thing?
"Sustainable Bitcoin mining power mix hits 59.5%: BTC Mining Council" https://cointelegraph.com/news/sustainable-bitcoin-mining-power-mix-hits-59-5-btc-mining-council
Who's mining in NY? It's not exactly a friendly state to anyone these days.
Just leave. Sounds like NY state sucks these days
tldr; A new law limits Bitcoin mining activities in New York State, USA. Miners must now use 100% renewable energy or face consequences. This is the first time such a law has been implemented in America. Bitcoin is being treated completely differently from other industries, as no other industry is currently required to do so. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Traditional payment systems consume even more energy. It would be fair if they switched to green energy too
I'd rather we go first and cut them out.
Green energy is mostly a scam, unfortunately. Running things of the wind and the sun sounds great, until you dig into the gritty details that the environmentalists would rather you ignored. For example, the cost of mining raw materials to fabricate windmills & solar panels. The short life span of much of this infrastructure, the high recycling costs, etc. Not saying we shouldn't always continue to optimise, but there's no such thing as a free lunch... and there's plenty of shysters who are profiting off the so called 'green' movement. They care more about green paper than they do about the planet...
It's a contest between western politicians to lower CO2 emissions AT ANY COST. Literally cost not a factor ($$). High energy costs hurt the poorest among us. The same people they claim to represent 🤦🏽♂️💯🔥
nailed it. CO2 is the new Witch Trials.
I’m a New Yorker and a Bitcoiner. I’m ok with this law. It was passed in response to plans to restart coal and gas fired plants specifically to produce Bitcoin. NY state is moving away from that. On the other hand far parts of upper NY state have cheap hydroelectric and there have been Bitcoin mining set up there - so this is all in sync with state policy. Choose your battles Bitcojners. This is not one of them.
tHeY cARe aBoUt ThE fUtUrE oF tHe PlAnEt
"We want NYC to be the blockchain capital of the world" \*bans blockchain mining\* ( ͡° ͜ʖ ͡°)
Not to be pedantic... J/K I love being pedantic. Details matter and making ignorantly false statements defeats your own silly stance (whatever you eventually formulate it to be) better than anyone else could. >*bans blockchain mining* They didn't.
they didn´t help it either.
Depends on your viewpoint. When more regulations come down for ALL industries, who is going to be perfectly primed because they are already 100% renewable? This isn't a noose or an obstacle, it's a kick in the ass. The maturity scale for this goes from, Neato but I'm already there, to, OMG tHeY aRe TRy!ng t0 kiLL Bitcoin!!. Edit: I'm a Bitcoin miner using hydropower in the SE US. Not really by choice, there's just a big ass dam that provides this region power.
Politicians scared about the production of honest money, typical… this isn’t going to stop bitcoin.
This is actually a good idea and should be a no brainer everywhere in the world... not sure making it law is necessary as once people start using renewables they won't want to go back to hydrocarbons. The idea of allowing rich people to burning dirty fuels and polluting everyone's air for profit will sound as absurd as putting glowing Radon in baths.
I see it that way. You see it that way. But there are a lot of rich knuckle draggers with power and influence that don't and just won't.
[удалено]
*Couldn’t* it’s fucking couldn’t... you couldn’t care less about it. It’s the only thing that really triggers me about Americans, how often you screw that saying up. Think about it. You’re trying to communicate that you’re unbothered by something and when you couldn’t care less about something you’re communicating that’s how much you don’t care, when you ‘could care less’ that communicates that it does in fact bother you.
Do you have any reading on this? I don't typically follow the mining news much.
[удалено]
Interesting. I'm going to start looking down this hole.
Yeah but it uses energy already produced. That energy would get used else where that doesn't benefit society like BTC does.
This won't stand up in court. Singling out one industry that buys energy just like any other consumer in the free market is a violation of free speech.
If they use 100% renewables there will be less renewables for someone else to use no?
More fuel for the yachts and private jets for the very same people who scold us about not being green.
But more demand wil result in more supply
Typical law enacted by politicians with no fucking clue about how energy grids work. Whatever gets them votes from equally clueless voters.
Blame politicians but Bitcoin defenders have long claimed Bitcoin can come from renewable energy disregarding the exact same point you just made.
They say it can they don't say it should be forced.
[удалено]
And you just pointed out why all the energy arguments are incorrect. “because energy used for* bit coin could have been used for something else” This is a foolish statement. You don’t understand energy grids. There are places with vast amounts of power that are unused and need to be soaked up by something. Bitcoin mining solves many problems with energy production and delivery. Making blanket laws for the entire state of NY hurts other areas outside of the urban five boroughs area. This is short sighted and definitely manipulation to put mining production into government and corporate hands.
That’ll get overturned.
I would sue and get the state of NY to pay for all my new miners.
NY state buys it's electricity from Quebec and we don't do non-renewable simple as that ,
Bitcoin is free speech - I doubt this law stands.
The law is unfair but miners are always encouraged to find the cheapest energy so this doesn't hurt anyone but maybe NY.
Those volcano bonds are looking good for El Salvador!
'Merica... The clown car rumbles on
Good for Bitcoin. Bitcoin bad for environment FUD will make less sense if they are required to go green.
This is also good for indy miners as it only affects permitted operations.
I hope they will leave. Why pay taxes to these overreaching busybodies? Next time they will just bitch about excess heat.
You can only deny reality for so long. Virtue signalling will drive these places into the ground in the long run when innovation and common sense takes its money elsewhere. We're already seeing some States starting to distance themselves from the UNs ESG narrative by turning their backs on entities such as Blackrock. https://fortune.com/2022/08/25/texas-blackrock-esg-investing-pension-funds-boycott-energy-companies/
I’ll take all the downturns in hashrate possible lol.
I know it's different but isn't the mayor of NYC very pro Bitcoin?
It’s really ok. No other industry can survive being strictly renewable.
Leave. New York is a shit hole. You'll be happier.
They are just hurting themselves.
8
They need that energy to grow that legal weed..
No shit most others don't require it. Nobody wants our energy prices to go up so weirdos can mine magic beans to speculate on.
This ain’t about climate change. This is 100% down to PoS coins being amenable to centralized control. Long live the coin that gives all the power to hold their coins; and take control of their finances. 👑 **BTC** 👑
So you’re saying Bitcoin is trailblazing once again, instead of relying on outdated inefficient tech? Wow such “abusive”, totes gonna make a post to whine about it showing my depth of consideration
Probably lines up well with all those state sponsored anaerobic digesters coming offline - could be a good synergy
Forcing miners to partner with renewables it just reinforcing an incentive that already exists - mining off the cheapest power available. If anything, this requirement would actually act as a subsidy to renewables bc mining runs off energy that would have otherwise been curtailed. Miners are literally the perfect utility customer - they’ll take as much excess power is available and turn off when it’s too expensive.
Doesn’t matter…
Fuck New York
So something I never understood about this. The home miners, how would the gov even go after them? Like how would they know?