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Greenidge Generation permit renewal draws supporters

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A hearing for an ordinary permit renewal drew a great deal of attention in Albany and the Finger Lakes.

Greenidge Generation, a power plant and cryptocurrency mining company in Yates County that employs 45 people, must renew an existing Title V permit to fly with New York State. On Wednesday, the Environment Ministry hosted a hearing on the matter, attended by both supporters and critics.

Critics also used the hearing to highlight an issue that may be more important to them than simply extending the permit: Passage of A7389A / S6486B, a bill by Senate Secretary of State Kevin Parker and MP Anna Kelles that would impose a moratorium on Art of cryptocurrency mining currently being carried out by Greenidge until a full general environmental impact assessment can be completed.

While Greenidge has been around as a natural gas power plant for some time, it recently started using 40% of the electricity it generates to mine cryptocurrencies.

This type of mining does not drill into the ground. Instead, the plant uses 15,300 computers working around the clock to dig into huge piles of digital data in search of virtual currency, such as bitcoin.

According to The New York Times, the server farms competing to produce new bitcoins consume as much electricity annually as a small country like Chile or Belgium.

This has so alarmed a coalition of environmentalists, unions and corporations that it is urging Governor Kathy Hochul to deny Greenidge the air quality permit and pass the moratorium on mining cryptocurrencies.

But Greenidge has followers.

Just this week, Yates County’s legislature passed Resolution 13-0, with one abstention, asking the DEC to renew the facility’s approval.

In addition, the IBEW union announced on Wednesday that it strongly supports the extension of the permit.

“Greenidge is not looking to increase its power generation capacity. What they are doing – with our help – will create the high-tech jobs of the future right here in Upstate New York. We encourage the Department to swiftly complete its work and issue a final Title V permit for Greenidge to fly, ”the union said.

“Most of the work at Greenidge is done by apprentice electricians whose wages and benefits package is around $ 60 an hour,” said Addie Jenne, legal advisor for the New York State Association of Electrical Workers – Construction Business Managers. “This facility offers year-round job opportunities … in recent years.”

There are currently five IBEW employees at Greenidge, according to Jenne, but the number can fluctuate.

Greenidge describes itself as “a pioneer in environmental protection.” One reason is that the facility was originally a coal-fired power station that was converted to natural gas. It also feeds around 60% of the electricity it produces into the grid. In addition, the company’s PR firm, Capital Tonight, announced that it operates “a 100% fully climate-neutral Bitcoin mining operation”.

But for critics like Liz Moran of Earth Justice, carbon neutrality is not enough.

“Offsets (an environmental accounting tool) are expressly prohibited in the electrical sector under the Climate Leadership and Community Protection Act (CLCPA). And we need renewable energy to power our current homes and businesses in New York State, ”said Moran.

Additionally, Greenidge is a test case for how New York will approach cryptocurrency mining.

“This is the first opportunity for New York State to evaluate the proof-of-work cryptocurrency mining and how it could affect our climate goals,” said Moran. “That is why we think it is so important that Governor Hochul pause this practice and give the state the opportunity to submit a thorough environmental assessment.”

This topic – older power plants being converted to mine cryptocurrencies – has recently caught media attention, including the Wall Street Journal, which published an article in May that began as follows:

“Across America, older fossil fuel power plants are being phased out in favor of renewables. But some are getting a new life – to mine Bitcoin. In the state of New York, a decommissioned coal-fired power plant that runs on natural gas was put back into operation “to mine cryptocurrency.”

Cryptocurrency critics say carbon emissions are only part of the problem.

“We are also deeply concerned about the impact on water quality, potential e-waste issues and much more that we believe needs careful review,” said Moran.

Indeed, according to some experts, the fundamental “arms race to install ever more powerful machines” will lead to more and more waste of IT equipment, toxic waste water and water pollution.

Whatever the DEC decides on Greenidge’s permit to fly, the company seems to be hedging its bets: Greenidge recently announced the opening of a second facility in Spartanburg, South Carolina.

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Cryptocurrency

Facebook’s Novi, Worldcoin, BTC ETF, Mastercard crypto

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1. Introduction of the first US futures-based Bitcoin ETF

2. Senators call out on Facebook, Novi. to turn off

Also on Tuesday, Senate Democrats wrote a letter to Mark Zuckerberg, CEO of Facebook, to get the social media giant to end its Novi digital wallet project.

The letter received from Sens. Brian Schatz, D-HI .; Sherrod Brown, D-Ohio .; Elizabeth Warren, D-Mass .; and others came after Facebook launched its Novi pilot program in the US and Guatemala on Tuesday.

“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risk and keep consumers safe has proven to be utterly inadequate,” the letter said. “We urge you to immediately hire your Novi pilot and make a commitment not to bring Diem to market.”

Diem, renamed from Libra, is Facebook’s stopped digital currency project. However, instead of using Diem, Facebook announced it would be using a stablecoin called the Paxos Dollar. Novi would allow users to send and receive money using the Paxos dollar, with Coinbase as their custodian partner.

3. Worldcoin scans people’s eyes in exchange for free cryptocurrency

Silicon Valley tech millionaire Sam Altman has launched a new startup called Worldcoin that claims it will provide free cryptocurrency to those who verify their accounts through an iris scan.

Worldcoin says it has shipped its scanning devices to people in 12 countries.

Once users log in by scanning their irises, the image is encrypted and converted into a unique code, while the original data is erased to protect users’ privacy, Worldcoin told CNBC. Afterwards, the users will receive the cryptocurrency from Worldcoin for free.

Worldcoin has accumulated over 100,000 users worldwide and is adding 700 more every week. The start-up aims to reach 1 billion users by 2023.

4. Robinhood’s crypto wallet waiting list exceeds 1 million customers

During CNBC’s Disruptor 50 summit on Thursday, Robinhood CEO Vlad Tenev said that the trading app’s crypto wallet waiting list is more than 1 million customers.

“You can have a wallet, you can send people cryptocurrencies from that wallet to their wallet,” Tenev said. “The technology has certain advantages that somehow make it globally and by default available, and that makes it very interesting.”

Last month, Robinhood announced that it was testing a wallet feature that would allow investors to trade, send, and receive cryptocurrencies. Users can also move cryptocurrencies in and out of the Robinhood app.

5. Mastercard says that every bank or merchant in its network will soon be able to offer crypto services

On Monday, CNBC reported that Mastercard will soon allow banks and merchants on its payment network to incorporate cryptocurrency into their products.

These include bitcoin wallets, as well as credit and debit cards, which users can use to earn cryptocurrency rewards or spend cryptocurrency.

Mastercard partners with Bakkt, a digital asset platform that provides custody services to those who sign up.

6. Nigeria’s Central Bank Digital Currency Goes Live

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New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

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Bondly announced a new functionality on the Cardano blockchain aimed at creators. Energy consumption has been a major issue on the Ethereum network, especially given the increased use of the blockchain in recent months. The developers behind the project have been working to bring the network to proof-of-stake, but that’s still a year away.

In the meantime, the Ethereum blockchain is still using a proof-of-work mechanism that takes a lot of energy to confirm transactions on the network. So Bondly has introduced a new solution for NFT makers who may be looking for more sustainable and environmentally friendly options for their creations. At the same time, however, you don’t want to lose the NFTs that they already minted on the Ethereum blockchain.

Related reading |

Bridges between two worlds

In his announcement, Bondly says his official Ethereum-to-Cardano bridge will allow developers to choose a greener blockchain for their NFTs. This bridge allows creators to move their NFT creations from the Ethereum blockchain to the Cardano blockchain.

In terms of energy efficiency, the Cardano blockchain is four million times more efficient than Bitcoin. Ethereum is said to consume Columbia’s energy equivalent, while Cardano’s energy consumption is equivalent to that of a single family home. This will create a greener, greener network for creators who are concerned about the environmental impact of blockchain usage.

Related reading | Cardano loses 3rd place in the Crypto Top 10, why it can drop even more

Bondly announced that through this partnership with IOG NFT creators, it will provide a way to easily transfer NFTs imprinted on the Ethereum blockchain to Cardano without the risk of losing a transaction or paying high fees for wire transfers.

Cheaper on Cardano

Aside from their work on an environmentally friendly blockchain, the creators don’t have to worry about the high fees that the Ethereum network has become known for. With the bulk of NFT minting happening on Ethereum, network fees have skyrocketed, drying up smaller creators who can’t afford these high fees. However, this is not the case with Cardano.

ADA price struggles at $ 2.13 | Source: ADAUSD on TradingView.com

The network prides itself on having low fees for every transaction carried out on the blockchain. In addition, the network also provides NFT builders with price predictability and stable transaction costs, eliminating ever-increasing fees and the fear of lost transactions due to insufficient gas charges to cover a transaction.

The bridge is slated to launch in 2022 and to celebrate its launch, Bondly will be releasing a special series of eco-friendly NFTs on the network. Harry Liu, CEO of Bondly, said; “The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a crucial moment in the transition from legacy blockchain technology to one of the most anticipated “third generation” networks. As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will usher in the next phase of the NFT evolution. “

Related reading | Cardano enters the Babbage era after the Alonzo HFC milestone

Liu isn’t the only one who loves the bridge. Cardano founder Charles Hoskinson expressed support for the project. “We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so critical,” said Hoskinson. “We believe that blockchain will only achieve mass adoption if end users have a seamless experience regardless of which blockchain they are using, whatever bridges like this one will achieve.”

The founder has always believed that interoperability will be the future of the blockchain industry and that stance is reinforced with the new partnership with Bondly.

Featured image from Bitcoinist, chart from TradingView.com

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Cryptocurrency panel discusses innovation, investment opportunities – Oakland News Now

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Oakland news now –

Cryptocurrency Panel Discusses Innovation, Investment Opportunities

– YouTube channel video with the logo in the top left corner of the video. OaklandNewsNow.com is the original blog post for this type of video blog content.

Crytpo #bitcoin #investingincrypto #YFAMS #YahooAMS Jennifer Schonberger from Yahoo Finance hosts a comprehensive discussion on cryptocurrency with three …

about IFTTT

Note from Zennie62Media and OaklandNewsNow.com: This video blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media, Inc. network for video blogging systems for mobile media launched in June 2018 by Zennie62Media, Inc .s new and innovative approach to news media production. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When the YouTube video channel for Yahoo Finance uploads a video, it is automatically uploaded to the Oakland News Now site and Zennie62’s own social media pages and formatted automatically. The overall goal here is, in addition to our smartphone-enabled real-time reporting of news, interviews, observations and events anywhere in the world and within seconds, not hours – the use of the existing YouTube social graphic on any topic in the world. Now messages are reported with the smartphone and also by advertising current content on YouTube: There is no need for heavy and expensive cameras or even a laptop or a camera team to film what is already on YouTube. The secondary goal is faster and very inexpensive production and distribution of media content. We found that there is a discrepancy between post length and time to product and revenue generated. This means that the problem is much smaller, but by no means solved. Zennie62Media is constantly working to improve the system’s network encoding and is looking for interested content and media technology partners.

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