Published February 10, 2025 at 2:27 PM EST
Cryptocurrency is causing environmental concerns here in Upstate New York and elsewhere, over its increasing carbon footprint. The consequences of crypto mining, running the numerous computers to manage the currency, is spurring energy research and opposition
Cornell Professor of Energy Systems Fengqi You explained, the energy burden for mining cryptocurrency annually is larger than that of Argentina’s. And this huge amount of energy usage comes with consequences.
“If the power source, the energy source, it’s not renewable, think about coal, think about natural gas, and so on, they come with carbon footprints, they come with environment impacts, and they come with climate consequence, and that’s not a good idea, right? And a matter of fact, many of these activities are really powered by non-renewable sources,” You said.
You added not only do crypto mining operations increase emissions, but they compete on the power grid with other needs, such as the move toward electric cars and electrifying home appliances.
Professor You spoke to us about crypto mining’s impacts for our Deeper Shade of Green podcast
Another issue is the algorithms that work to mine cryptocurrency. In most cases computer algorithms work toward maximizing efficiency, however You points out, crypto mining’s complicated hash algorithms work in the opposite way – using more computing to make them more secure.
“Hash algorithm, which is basically a bitcoin mining, bit of crypto, you know, blockchain computing algorithm by itself, was designed to make it harder and harder to mine a single unit of cryptocurrency as time goes on,” You explained.
The environmental group Earthjustice is lobbying to keep crypto-miner Greenidge from continuing or ramping up an operation in the finger lakes – over concerns of fossil fuel air pollution from increased energy use. Elsewhere, residents of Tonawanda are mounting opposition to crypto-miner Digi-host over noise concerns and a proposal to fire up a dormant gas power plant.
You shared another concern, that investors are rarely given any warning of the impacts of crypto mining when they buy cryptocurrency.
“But I wish at some point when someone purchased a Bitcoin, they also see the carbon footprint associated with the particular bitcoin, right, and that’s possible,” You said
You is researching ways renewable energy sources could be used to help power the facilities.
You believes crypto mining isn’t going away anytime soon as the currency is only rising in popularity. He argues that using renewable energy sources and expanding them are the only solutions to making it sustainable.
Hear more about crypto mining, cryptocurrency and concerns over its carbon impact on our Deeper Shade of Green podcast.
