In this article, we hear from Alex Martini-LoManto, chief officer of Blockfusion, which is a digital asset company currently running a crypto mining facility being powered by renewable hydropower near Niagra Falls. He wants people to know that not all cryptocurrency miners are equally impacting the environment in a negative way, and that alternative companies with strong environmental ethics are working to make the world of blockchain better and more responsible.
In Martini-LoManto’s words…
Environmental Impacts Of Crypto Mining
There is much debate within local and state government regarding the environmental impacts of crypto mining and its economic role. Make no mistake, crypto mining and digital currency will shape the 21st century unlike any other evolving technology. Yet, there is a growing sentiment that the digital mining industry must move forward in a manner that contributes to society.
Our company, Blockfusion, fully supports such a premise and is committed to sustainability and positive community impact. And we have the track record to prove it.
One of our key facilities is in Niagara Falls, where we have rehabilitated a former fossil fuel plant into an innovative and sophisticated – and nearly carbon-free – operation. This location employs more than 55 area residents in well-paying, skilled jobs, with far more hiring on the horizon. Our energy use in Niagara Falls is nearly 100% from carbon-free sources – almost entirely hydropower – and we participate in demand-side curtailment programs, which can help with grid reliability on the most volatile days of the summer.
A unique aspect of crypto mining is that it does not need to run 24/7, so it can be a critical load-balancing partner to the grid. Load-balancing will become increasingly important as more intermittent renewables are brought online as part of the state’s decarbonization plan.
Is All Bitcoin Mining Bad?
Various interest groups maintain that all bitcoin mining is dirty, inefficient and too energy intensive, when it is a business that is getting exponentially more proficient and valuable each year. Bitcoin uses far less energy than various activities that many deem worthy of power. Holiday lights, appliances and air conditioning all use a similar amount or more power.
We believe that state or municipal policies should facilitate and enable decarbonization through alignment and coordination with clean industries. If legislators seek a partner to help decarbonize with a lucrative, clean technology industry that can be powered by renewable hydropower, they need look no further than impact-oriented miners like Blockfusion.
New York has an opportunity to limit fossil fuel sources being brought back online to mine bitcoin. Carbon credit offsets should also be eliminated. These are tangible ways to ensure our industry advances for the better.
Not all crypto mining operations are created equal. Companies that have built business models on sustainability and eco-conscious decision-making should be the ones selected to help guide digital mining regulations.
It is time to separate the good actors from the bad.
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