Cornell to Host Panel on Bitcoin Mining’s Impacts
Cornell University’s Milstein Program in Technology & Humanity is set to host a panel discussion on September 23 to examine the environmental and economic effects of Bitcoin mining.
The event, titled “In the Shadow of Crypto: Taking on Bitcoin Mining,” will take place at 5 p.m. in the Hollis E. Cornell Auditorium, Goldwin Smith Hall Room 132. The discussion aims to shed light on the rapidly growing cryptocurrency mining industry and its real-world implications.
“The dizzying rise of cryptocurrency in the U.S. has brought with it a new industry – bitcoin mining, where thousands of computers in former gas plants and even abandoned dollar stores solve complex math problems to get rewarded with new coin,” said Austin Bunn, associate professor of performing and media arts and director of the Milstein Program in the College of Arts and Sciences. “But this digital innovation comes with real-world consequences.”
Bitcoin mining’s energy consumption is a major concern. Currently, it accounts for an estimated 2.3% of U.S. electrical demand, equivalent to the annual consumption of Argentina or six million American homes. Projections indicate this could rise to 8% by 2030. Notably, Upstate New York has become a prominent location for mining operations, following Texas and Georgia.
Bunn poses key questions regarding the regional impact, stating, “What are the regional environmental and economic impacts of these mines? I’m excited to learn more from those who have studied them, regulated them and live in their shadow.”
Bunn will moderate the panel, which will feature:
- Yvonne Taylor: Co-founder and vice president of Seneca Lake Guardian, a citizen group. The organization has actively worked to protect the Seneca Lake watershed and the Finger Lakes region, including efforts to prevent gas drilling and ban fracking in New York.
- Colin Read: Professor of economics and finance at SUNY Plattsburgh and author of “The Bitcoin Dilemma: Weighing the Economic and Environmental Costs and Benefits.”
- Owen Marshall: Visiting assistant professor in the Department of Science & Technology Studies (A&S). Marshall’s research focuses on the intersection of sound studies, media archaeology, and the sociology of science and technology.
Taylor highlights the concerns surrounding crypto-mining, stating, “Crypto mining preys on unsuspecting towns by exaggerating the impact of new jobs and revenue, while ignoring concerns about wasteful energy practices, higher electricity rates, increased emissions, enormous water consumption, high noise levels and massive amounts of electronic waste.” She adds, “Despite their adverse impacts on the climate and neighboring communities, crypto miners continue to face virtually no oversight or regulation and remain eligible for subsidies and tax breaks, benefiting no one but their own bottom line.”
Marshall, who has been conducting research on the grassroots movement against crypto-mining since early 2022, notes, “It has been fascinating to witness the founding and growth of the National Coalition Against Crypto-mining, which arguably began with the Bitcoin mining power plant controversy on Seneca Lake.” He hopes the panel will foster a more informed and critical understanding of crypto-mining’s impacts.
The panel discussion is open to the public and will be followed by a reception in the Klarman Atrium in Klarman Hall. The event is co-sponsored by the Rural Humanities initiative (A&S).
