Jumaane Williams calls for an end to bitcoin mining

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New York gubernatorial candidate Jumaane Williams has called for a moratorium on proof-of-work bitcoin mining in the state, highlighting concerns raised by advocacy organizations that the process is harming efforts to combat climate change.

The push supported by Williams, the New York City public advocate, as well as local groups in New York’s Finger Lakes region, is the latest effort to raise issues surrounding the relatively new monetary technology.

At issue is the massive amount of energy generated by bitcoin mining operations and the servers needed to run them, which environmental organizations say is hampering efforts to reduce climate change. New York is on track to reduce its use of carbon-based energy sources in the coming years and, by law, must meet specific criteria to do so.

“Bitcoin mines that use a ‘proof-of-work’ process are known to cause significant damage to the environment and local economy, which is why many countries have completely banned this practice,” Williams said. Monday. “Unfortunately, New York has fallen behind, allowing nearly 20% of the nation’s mines to operate in our state without any oversight or regulation. We need to ask questions now rather than deal with the fallout later.”

A moratorium would allow state environmental regulators to review the process and better understand how it might affect the state’s energy use, environmental advocates argued.

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