Basil Seggos: Cryptocurrency Gas
on Wednesday, November 10, 2021Basil Seggos Money Quote saying as New York State Environmental Commissioner that decommissioned power plants converting to power crypto-mining operations is fueling greenhouse gas emissions. Basil Seggos said:
“New York state is leading on climate change, and we have some major concerns about the role cryptocurrency mining may play in generating additional greenhouse gas emissions” — Basil Seggos
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Cryptocurrency mining requires a large amount of energy to power the specialized computers that process transactions and add new blocks to the blockchain. This energy is often provided by power plants that burn fossil fuels like coal and natural gas. The combustion of these fuels releases greenhouse gases like carbon dioxide into the atmosphere, contributing to climate change.
Some cryptocurrency mining operations also use power sources like diesel generators that directly emit greenhouse gases. As more computing power is required for mining, it leads to greater energy usage and associated emissions from fossil fuel power sources.