In an important precedent, a New York State Supreme Court judge in Yates County ruled in favor of cryptocurrency mining firm Greenidge Generation, dismissing a petition filed by a coalition of environmental activists.
According to an April 7 press release by Greenidge, Judge Daniel Doyle dismissed a petition against the Greenidge Generation Holdings brought by a group of environmental organizations — Sierra Club, Seneca Lake Guardian and the Committee to Preserve the Finger Lakes as well as a number of individuals — in an attempt to stop the mining operation at Seneca Lake.
The petition also called for a halt to Greenidge’s plans to expand its Bitcoin mining operation at a facility in Dresden, a 300-people town in Yates County. The company is planning to increase its capacities at the gas-powered plant from 17,000 miners in service to 49,000 by the end of the year.
As the quote from the ruling goes:
“Petitioners have failed to establish that they would suffer an environmental injury different from that suffered by the general public.”
The judge specified that none of the petitioners live closer than 2,000 feet to the project site, while the local planning board took all the required steps to assess the project’s possible impacts on the environment.
According to the company release, the decision marks the fifth unsuccessful attempt of legal action against the project’s expansion by various entities. On Feb. 1, the cause against Greenidge was supported by the New York state gubernatorial candidate Jumaane Williams, who has called on current Governor Kathy Hochul to deny permits for proof-of-work crypto mining in the state.
On Friday, cryptocurrency storage company Blockstream and Block Inc. (formerly Square) announced the construction of a solar-powered Bitcoin (BTC) mining facility in Texas. As told by Blockstream, the mining site will be outfitted with 3.8 megawatts (MW) of electrical capacity using Tesla's Solar photovoltaic cell array and a 12 MWh Megapack.
Manufactured by Tesla Energy, Megapack is a powerful lithium-ion battery that provides energy storage and support. In context, one of the leading publicly-listed Bitcoin mining companies, Hut 8 Mining, has about 209 MW in total contracted mining capacity. The purpose of the venture is to investigate the feasibility of operating a zero-emission energy Bitcoin mine. Blockstream and Block began collaborating on the project last June, with Block promising to invest $5 million for its construction.
In addition to its physical construction, the teams at Blockstream and Block will build a publicly accessible dashboard to report on the project's economics. Key metrics will include power output, the number of Bitcoin mined, storage performance, total uptime, expenses and return on investment, etc. It will be accessible 24/7 from any browser.
While solar Bitcoin mining is theoretically carbon-neutral, there is a great deal of controversy within the crypto community about its practicality. In June 2021, Braiins, the world's oldest Bitcoin mining pool, published a feasibility analysis on using solar energy to mine Bitcoin and concluded that it was not profitable, even when considering near-free electricity costs and recycling surplus energy during peak sunny hours. Braiins' chief marketing officer Kristian Csepcsar is also an outspoken critic of solar Bitcoin mining, pointing out that using traditional metrics to evaluate its "environmental friendliness" doesn't account for variables such as the production of "brutally" harmful chemicals during the manufacturing of solar panels.
Following the announced integration of the payment app, Strike, with e-commerce platform Shopify to accept Bitcoin (BTC) through the Lightning Network, the crypto community raised concerns over the legal implications of the move.
Crypto researcher Matt Ahlborg believes that the event is a very significant development for BTC as it allows the offloading of BTC without the need to go through the Know Your Customer (KYC) process.
What Jack Mallers is really saying is that you will be soon be able to offload your Bitcoins in the real world without KYC'ing through an exchange first.
If this is true, it is actually an extremely substantive and important development for Bitcoin. April 7, 2022
However, lawyer Kevin Thompson pointed out in a reply that the event is likely to make regulators frustrated. Being able to spend BTC without going through KYC enables users to dump BTC and avoid taxes, according to Thompson. He predicts that regulators may respond to the event by "creating reporting requirements for Shopify."
Glennhodl, a Twitter user, also thinks that the government may take steps to address the issue of offloading BTC in major stores without doing KYC. However, he notes that while regulators can try to fight it, they won't be able to really stop it.
Not to shit on the parade but...
I'd be absolutely stunned if the US govt. just accepts you walking into any major store and spending #bitcoin KYC-free.
Ultimately they can't stop it, but I'm pretty sure they're gonna fight it.
The King's gambit is the perfect metaphor. April 8, 2022
David Hood suggests not taxing low-value transactions. In a tweet, he commended the recent development but also explained that more people would “take advantage” of the integration if there are no taxes on BTC purchases under $600.
This Daily Dose was brought to you by Cointelegraph.