Jake Chervinsky says a potential mining ban in New York will not reduce carbon emissions.
Chervinsky criticized the attempt to ban Bitcoin mining in New York state due to environmental concerns on Twitter.
1/ As the anti-bitcoin wing of the NY political establishment takes a victory lap over the passage of its mining ban, remember:
It will not help reduce carbon emissions by a single ounce.
All it does is push miners to build in other places where NY has no influence over them.
— Jake Chervinsky (@jchervinsky) June 5, 2022
According to Chervinsky, the mining ban will cause the state’s miners to migrate to another area, which in turn will not help reduce the carbon footprint. He emphasized that only a small union of New York environmentalists would benefit from this ban.
“Good policy requires fact-based thinking. An honest analysis of costs and benefits, opportunities and risks, and first- and second-order effects should be made. The mining ban in New York does none of that. It only represents a moral victory for the out-of-fact few”
Also, if such a ban were enforced, New York could lag behind in adopting new technologies.
