Sabin Center @ Columbia White Paper Makes the Legal Case for Gov. Hochul to Pause Cryptomining

ALBANY, NY (03/20/2022) (readMedia)-- On Monday, Columbia Law School's Sabin Center for Climate Change Law will publish a new white paper, A Pause on Proof-Of-Work: The New York State Executive Branch's Authority to Enact a Moratorium on the Permitting of Consolidated Proof of Work Cryptocurrency Mining Facilities. Environmental advocates drawing on the paper will call on Governor Hochul to use her authority to put a moratorium on unchecked cryptomining, and deny the air permit renewal application of Greenidge Generation, a converted peaker plant operating as a 24/7 Bitcoin mine in the Finger Lakes. DEC is expected to make a decision about the permits on or before March 31st. Greenidge is the test case for crypto mining in New York,

After China banned crypto-mining, citing the environmental threats the practice poses to meeting emissions reduction goals, speculators are flocking to upstate New York to take advantage of the state's nonexistent environmental regulations. In this race to the bottom, New York State now hosts 20% of the country's rapidly-growing crypto mining industry, all to the detriment of small businesses, local economies, the environment, and the climate. By repowering fossil fuel-powered plants, cryptomining threatens to make it impossible for New York State to meet the critical zero-emissions climate goals outlined in the Climate Leadership and Community Protection Act.