In New York, fossil fuel will reduce energy use for crypto mining

A two-year moratorium could apply to providing electricity from coal-fired power plants for mining cryptocurrencies like bitcoin in New York, US. A bill related to this has been passed. However, New York Governor Kathy Hochul says she has not decided to sign the bill.

Mining of cryptocurrencies requires a lot of electricity. It involves solving mathematical puzzles on computer systems to validate blockchain transactions. The miner who solves the puzzle first is given cryptocurrency as a reward. of Reuters Report According to the report, the State Assembly of New York passed the bill in April. It was approved by the Senate last week. The governor’s office says Kathy Hochul is considering signing the bill. “We have to protect the environment as well as secure employment opportunities. Along with this, there is a need to ensure that the electricity used in the firms associated with it is properly managed,” he said in a statement.

The bill states that cryptocurrency mining is growing rapidly in New York. This will also increase the consumption of electricity. Last year, Kazakhstan became the world’s second largest center for bitcoin mining after the US. The number of miners in Kazakhstan is increasing due to China’s ban on crypto mining last year. However, they have a large number of illegal miners. The government of Kazakhstan last month decided to increase the tax on electricity for crypto miners. Earlier, in some other countries like Iran, there has been a shortage of electricity due to crypto mining.

In some countries, there is also an emphasis on the use of renewable energy for crypto mining. Mining firm Stronghold Digital Mining in Pennsylvania, US, uses coal ash to power hundreds of its supercomputers. use does. The firm aims to use the byproduct without harming America’s energy network.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)<!–


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