Bitcoin Today Coalition
March 20, 2022
Memorandum in Opposition
A.7389C / S. 6486C
Esteemed Members of the New York State Assembly,
The Bitcoin Today Coalition is a non-governmental, non-partisan organization that advocates on behalf of the business ecosystem enabling 46 million Americans to own and secure Bitcoin and cryptocurrency. The Bitcoin Today Coalition leads educational efforts at the federal and state levels regarding Bitcoin and its beneficial impacts to innovation in energy and grid stability, national security, future-oriented job growth, and financial inclusiveness. Our members represent a broad constituency, including Bitcoin entrepreneurs and innovators, veteran and national security practitioners, energy industry stakeholders, and human rights activists.
The Bitcoin Today Coalition submits this memorandum in opposition to A.7389B / S. 6486C. If enacted, this bill would establish a moratorium on consolidated operations that use proof-of-work authentication methods to validate blockchain transactions. In effect, the legislation would halt the mining of cryptocurrency in New York, which would prove disastrous for New York’s economic health. Bitcoin mining data centers are unique because they typically utilize stranded energy (especially beneficial for renewables), have flexible electricity loads able to be interrupted periodically to help with grid stabilization and frequency balancing efforts, and create 5-10 future-oriented, high paying jobs per 10 megawatts of capacity utilized.
Bitcoin mining is already close to net-zero emissions and is becoming more efficient by the year. Currently, about 73% of Bitcoin mining is carbon neutral. Since 2009, Bitcoin mining computers have increased their energy efficiency by 40,000%. Over the past eight years, Bitcoin miners have become 5,814% more efficient, and this trend is certain to continue as the industry makes more investments in technological and green energy innovation. Additionally, Bitcoin miners monetize renewable energy at the source during times when the energy would otherwise be wasted or stranded due to lack of demand or distance from population centers.
Finally, companies such as Foundry, a cryptocurrency mining company based in Rochester NY, have already invested substantially into establishing a network in Upstate New York. The company deployed $400 million USD into the industry last year, but only 10% of that investment went to New York State business development due to political ambiguity. With more supportive legislation from the Assembly, bitcoin mining companies such as Foundry will invest a much larger portion of those funds in New York. This will mean thousands of new jobs, technological advancement and energy grid resilience.
We look forward to working together with the Assembly to make New York State a leading hub for technology and innovation in the 21st century.
Sincerely,
Bitcoin Today Coalition
Board of Directors
www.bitcointodaycoalition.org