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These machines, known as mining rigs, work round the clock to find new units of cryptocurrency.

Benjamin Hall | CNBC

New York Gov. Kathy Hochul signed a law Tuesday banning certain bitcoin mining operations that run on carbon-based power sources. For the next two years, unless a proof-of-work mining company uses 100% renewable energy, it will not be allowed to expand or renew permits, and new entrants will not be allowed to come online.

“It is the first of its kind in the country,” Hochul said in a legal filing detailing her decision.

The governor added that it was a key step for New York, as the state looks to curb its carbon footprint, by cracking down on mines that use electricity from power plants that burn fossil fuels. The law also comes as the crypto industry reels from the implosion of Sam Bankman-Fried’s FTX, which was once one of the most popular and trusted names in the industry.

Can crypto clean up its dirty image?

New York’s mining law, which passed the state assembly in late April and the state senate in June, calls for a two-year moratorium on certain cryptocurrency mining operations which use proof-of-work authentication methods to validate blockchain transactions. Proof-of-work mining, which requires sophisticated gear and a lot of electricity, is used to create bitcoin, among other tokens.

Industry insiders tell CNBC it could have a domino effect across the U.S., which is currently at the forefront of the global bitcoin mining industry, accounting for 38% of the world’s miners.

“The approval will set a dangerous precedent in determining who may or may not use power in New York State,” the Chamber of Digital Commerce wrote in a statement.

Read more about tech and crypto from CNBC Pro

It is a sentiment echoed by Kevin Zhang of digital currency company Foundry.

“Not only is it a clear signal that New York is closed for business to bitcoin miners, it sets a dangerous precedent for singling out a particular industry to ban from energy usage,” said Zhang, Foundry’s senior vice president of mining strategy.

The net effect of this, according to Perianne Boring of the Chamber of Digital Commerce, would weaken New York’s economy by forcing businesses to take jobs elsewhere.

“This is a significant setback for the state and will stifle its future as a leader in technology and global financial services. More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State,” Boring previously told CNBC.

As for timing, the law took effect after governor signed off.

Chamber of Digital Commerce explains effects of Terra turmoil on consumer protection

The irony of banning bitcoin mining

One section of the law involves conducting a statewide study of the environmental impact of proof-of-work mining operations on New York’s ability to reach aggressive climate goals set under the Climate Leadership and Community Protection Act, which requires New York’s greenhouse gas emissions be cut by 85% by 2050.

Boring tells CNBC the recent swell of support for the ban is related to this mandate to transition to sustainable energy.

“Proof-of-work mining has the potential to lead the global transition to more sustainable energy,” Boring told CNBC’s Crypto World, pointing to the irony of the moratorium. “The bitcoin mining industry is actually leading in terms of compliance with that Act.”

The sustainable energy mix of the global bitcoin mining industry today is estimated to be just under 60%, and the Chamber of Digital Commerce has found that the sustainable electricity mix is closer to 80% for its members mining in the state of New York.

“The regulatory environment in New York will not only halt their target – carbon-based fuel proof of work mining – but will also likely discourage new, renewable-based miners from doing business with the state due to the possibility of more regulatory creep,” said John Warren, CEO of institutional-grade bitcoin mining company GEM Mining.

A third of New York’s in-state generation comes from renewables, according to the latest available data from the U.S. Energy Information Administration. New York counts its nuclear power plants toward its 100% carbon free electricity goal, and the state produces more hydroelectric power than any other state east of the Rocky Mountains.

The state also has a chilly climate, which means less energy is needed to cool down the banks of computers used in crypto mining, as well as a lot of abandoned industrial infrastructure that’s ripe for repurposing. 

At the Bitcoin 2022 conference in Miami in April, former presidential candidate and New Yorker Andrew Yang told CNBC that when he speaks to people in the industry, he has found mining operations can help develop demand for renewable energy.

“In my mind, a lot of this stuff is going to end up pushing activity to other places that might not achieve the goal of the policymakers,” said Yang.

Andrew Yang explains how crypto and a universal basic income could intersect

Some in the industry aren’t waiting for the state to make a ban official before taking action.

Earlier this year, data from digital currency company Foundry showed New York’s share of the bitcoin mining network dropped from 20% to 10% in a matter of months, as miners began migrating to more crypto-friendly jurisdictions in other parts of the country.

“Our customers are being scared off from investing in New York state,” said Foundry’s Zhang.

“Even from Foundry’s deployments of $500 million in capital towards mining equipment, less than 5% has gone to New York because of the unfriendly political landscape,” continued Zhang.

The domino effect

Now that the crypto mining moratorium has been signed into law by the governor, it could have a number of follow-on effects.

Beyond potentially stifling investment in more sustainable energy sources, industry advocates tell CNBC that each of these facilities drives significant economic impact with many local vendors consisting of electricians, engineers, and construction workers. An exodus of crypto miners, according to experts, could translate to jobs and tax dollars moving out of state.

“There are many labor unions who are against this bill because it could have dire economic consequences,” said Boring. “Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities. One of our members, their average pay is $80,000 a year.”

Hochul addressed some of these concerns in her statement on Tuesday, noting that she recognized the important of “creating economic opportunity in communities that have been left behind” and that she will “continue to invest in economic development projects that create the jobs of the future.”

As Boring points out, New York is a leader when it comes to state legislation, so there is also the potential for a copycat phenomenon rippling across the country.

“Other blue states often follow the lead of New York state and this would be giving them an easy template to replicate,” said Foundry’s Zhang.

“Sure, the network will be fine — it survived a nation-state attack from China last summer — but the implications for where the technology will scale and develop in the future are massive,” continued Zhang.

However, many others in the industry think concerns over the fallout of a mining moratorium in New York are overblown.

Multiple miners told CNBC there are plenty of friendlier jurisdictions: Georgia, North Carolina, North Dakota, Texas and Wyoming have all become major mining destinations.

Texas, for example, has crypto-friendly lawmakers, a deregulated power grid with real-time spot pricing, and access to significant excess renewable energy, as well as stranded or flared natural gas. The state’s regulatory friendliness toward miners also makes the industry very predictable, according to Alex Brammer of Luxor Mining, a cryptocurrency pool built for advanced miners.

“It is a very attractive environment for miners to deploy large amounts of capital in,” he said. “The sheer number of land deals and power purchase agreements that are in various stages of negotiation is enormous.”

FTX heads to a Delaware courtroom as the biggest crypto bankruptcy case yet gets underway

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An energy star inside U.S. homes is under attack from Trump, with the cost to homeowners uncertain

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An energy star inside U.S. homes is under attack from Trump, with the cost to homeowners uncertain

Donald Trump, as both a citizen and president, has railed against modern dishwashers, washing machines, light bulbs, showerheads and toilets, claiming that onerous government regulations render them less effective and more expensive.

Since returning to the White House in January, he’s turned his ire into an edict.

On April 9, Trump issued an executive order directing certain federal agencies “to incorporate a sunset provision” into a laundry list of regulations governing energy production, including those covering appliances. A month later, he issued a memorandum, entitled “Rescission of Useless Water Pressure Standards.”

Following that, on May 12, the Department of Energy announced that it was preparing to eliminate or modify 47 federal regulations “that are driving up costs and lowering quality of life for the American people.”

Many of the rules are covered in the Energy Policy and Conservation Act (EPCA), a decades-old law that mandates energy-efficiency and water-conservation standards for home appliances and plumbing fixtures.

Meanwhile, the Environmental Protection Agency said it is planning to eliminate the Energy Star program, a popular voluntary initiative that manufacturers employ to rank their appliances based on energy conservation and cost savings, displayed on familiar blue labeling at retail as comparison-shopping guides.

Trump’s actions have been met with a mix of resistance from consumer protection groups and appliance manufacturers, as well as support from deregulation hawks and decriers of the nanny state. And while the administration continues to review the current standards and solicit comments before considering any official changes, legal challenges to the efforts are being weighed.

A new era of ‘buyer beware’ in electric bills

Originally passed in 1975, EPCA ensures that the entire array of products covered by the law all meet a basic level of energy- and water-efficiency performance, reflected in different price points. A prime example are the ubiquitous yellow Energy Guide stickers affixed to appliances that indicate their annual energy usage and cost. “Consumers who are shopping primarily, if not exclusively, on price also get reasonable efficiency performance [information],” said Andrew deLaski, executive director of the Appliance Standards Awareness Project, a coalition of environmental and consumer groups, utilities and state governments, based at the American Council for an Energy-Efficient Economy, a nonprofit research organization.

Without that level of regulated consumer protection, deLaski said, “It’s buyer beware.”

Consumers would face the risk of less-efficient appliances entering an unregulated marketplace, he said, “and you’re not going to know it until you get the [higher] electric bill.”

Separate from EPCA, the Energy Star labeling program was established by the EPA in 1992 as a public-private partnership. Managed and jointly funded by the DOE, it sets energy-efficiency standards that manufacturers can choose to display on appliances, building products, electronics, lighting fixtures, HVAC equipment and other products as a way for consumers and businesses to make informed purchase decisions.

The EPA estimates that 90% of households recognize the Energy Star label and that over its 33 years, the program has saved five trillion kilowatt-hours of electricity, reduced greenhouse gas emissions by four billion metric tons and saved $500 billion in utility costs. The program’s 2024 operating budget was $35.7 million. To date, every dollar spent has resulted in nearly $350 in energy cost savings.

Americans support energy-efficient appliance efforts

Consumer Reports conducted a national survey in March which found that 87% of respondents support energy-efficient home appliance standards. Nearly a third said that saving money on energy bills would motivate them to buy a more efficient large home appliance.

Last month, in response to plans to shutter Energy Star, the organization issued a statement urging the EPA to preserve the program. “The loss would hit especially hard at a time when people are dealing with unpredictable energy bills and trying to cut expenses,” said Shanika Whitehurst, associate director for Consumer Reports’ product sustainability, research and testing team.

The nonprofit Alliance to Save Energy, a bipartisan coalition of consumer, environment, business and government groups, suggests that EPCA and Energy Star actually promote the White House’s goals of lowering families’ energy bills and making the nation energy dominant. “If you start to dismantle the energy-efficiency programs, American households are going to pay for that,” said Jason Reott, ASE’s senior manager of policy. “Energy dominance begins at home, by eliminating energy waste.”

The Association of Home Appliance Manufacturers, which represents more than 150 manufacturers, has historically supported efficiency regulations, but pushed back against the Biden administration’s updates of EPCA standards for gas stoves, refrigerators, dishwashers and other appliances. The law requires the DOE to review standards at least once every six years, a process that has often led to rule changes.

“We have always been able to produce products at higher efficiency levels,” said Jill Notini, vice president of communications and marketing for AHAM, “but there’s a tipping point where you have to stop and say, you have to have the technology that allows those standard levels.”

“We very much appreciate the intent behind [President Trump’s] goals of deregulatory actions,” Notini said. “Our industry needs it after looking at our products and how far they have come in terms of energy efficiency and water use,” alluding to the eight rounds of EPCA reviews, updates and revisions over the years.

Already at or near peak efficiency, industry says

Today’s appliances are at or near their peak efficiency, a result of federal standards and manufacturers’ investment in technology and innovation, Notini said. “So there needs to be a recognition that we can’t stay on this path and continue to ratchet up standards and expect high-performing products,” she added.

AHAM favors revising EPCA standards, she said, based on technological advances rather than the every-six-year requirement. What the association does not endorse, however, is Trump’s request for the DOE to waive federal preemption of states’ regulations regarding the water efficiency of showerheads, faucets and toilets.

“It’s concerning to us that we may not have federal preemption, which creates that certainty that the industry is looking for,” Notini said, noting that several states have established their own efficiency standards on some EPCA-covered products. Federal preemption “truly is what has made energy efficiency such a success.”

AHAM member LG Electronics USA has mixed views on efforts to roll back EPCA, according to senior vice president John I. Taylor. “Generally deregulation is good for business, but there are some specific things in EPCA that are beneficial to American consumers and the American economy,” he said. “Our company has been a leader in driving energy efficiency, so regardless of how the regulations end up, we’ll continue to keep our foot on that accelerator.”

In March, nearly three dozen industry groups and appliance companies, including the Chamber of Commerce, Bosch, Carrier and the Air-Conditioning, Heating, & Refrigeration Institute (AHRI) sent a letter to EPA administrator Lee Zeldin, urging him not to end Energy Star. In April, the U.S. Green Building Council, along with more than 1,000 signatories — among them LG, Miele and Samsung Electronics America — wrote to Zeldin to express concerns about proposed cuts at the EPA, including Energy Star.

Energy Star very popular with consumers, according to retail sector

While major appliance retailers, such as Lowe’s, Home Depot and Best Buy, have not publicly commented on any of these pending regulatory changes, the National Retail Federation, one of several consumer products, manufacturing, real estate and retail organizations that sent a letter on June 6 to a bipartisan group of Congressional leaders, asking them to “strongly support continuation of the non-regulatory and non-partisan Energy Star program within the federal government.”

“Consumers have said overwhelmingly that they support voluntary environmental standard-setting programs like Energy Star,” said Scot Case, vice president of corporate social responsibility and sustainability and executive director for the NRF’s Center for Retail Sustainability. And that’s why retailers the trade group represents “want to make sure they’re able to share the benefits of those programs with the consumer,” he said.

Trump’s tribulations with energy-efficiency and water-conservation standards echo those of libertarians and free-marketers who maintain that regulations often represent government overreach and restrict personal choice. For instance, the libertarian Cato Institute has called Energy Star “a very coarse piece of energy information that may crowd out efforts” to develop more accurate ways to measure energy-operating costs.

“I’m a big proponent of energy efficiency, but I don’t think we need the federal government overriding the choices and preferences that consumers may have when purchasing an appliance,” said Nick Loris, vice president of public policy for C3 Solutions, a conservative energy think tank. He said rolling back EPCA standards is “a step forward in reducing government intervention into decisions that should be best left for producers and consumers.”

Where legal challenges are headed

As with a mounting number of actions taken by the Trump administration this year — from tariffs to immigration — tinkering with EPCA is expected to be challenged in federal courts. The law includes a so-called anti-backsliding provision, which prevents rolling back standards that have already been finalized. A 2004 case deLaski referred to, NRDC v. Abraham, upheld the provision. “Once a DOE standard has been updated and published in the Federal Register, you can’t go backward,” he said of the precedent.

The administration may seek legal authority to enact these deregulation orders by citing the “good cause” exception in the Administrative Procedures Act as a way to avoid the APA’s public notice-and-comment processes. Yet legal experts, environmental groups and state attorneys general have warned that skipping APA procedures — especially for weakening energy- and water-use standards covered by EPCA — would likely be deemed “arbitrary and capricious” and illegal.

Ultimately, considering the success and popularity of EPCA and Energy Star — with consumers, manufacturers and retailers — as well as the legal underpinnings, it’s entirely possible that both will remain intact, if perhaps with a few tweaks. “In one form or another,” Taylor said, “we expect both will.”

“We know consumers want the information, and the interesting thing about consumers is, they are also voters,” Case said.

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CASE expands compact equipment lineup with new CX25EV electric excavator

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CASE expands compact equipment lineup with new CX25EV electric excavator

CASE CE is expanding its mini excavator lineup with the launch of four models this week, including an all-new electric model designed to delivers emissions-free performance that rivals any of its comparably-sized diesel counterparts — including its CASE-branded siblings!

CASE calls the CX25EV a “highly versatile machine,” highlighting the excavator’s hydraulic flow settings and three auxiliary circuits that can be paired with a quick coupler and a variety of attachments. The mini excavator is also equipped with electrohydraulic controls that are fully customizable to the operator’s taste for speed, ramp-up speed and smoothness, while its short-radius design makes it easy to move around in tight, indoor spaces during trenching and precision demolition jobs.

The belief is that the new machine will enable construction crews to take on more challenging jobs that face unique noise, emission, or vibration requirements, the CX25EV electric mini excavator, originally announced last spring as part of a broader electric equipment launch, the new machine is now in production, on sale, and on its way to customers. Customers, it’s hoped, who will be able to keep operators happier and healthier without the loud diesel engines of the past.

And that is hugely important for the industry.

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Use your indoor voices


CASE Bolsters Mini Excavator Lineup to Give Crews More Versatility on Tight Jobsites
Bringing it indoors, without emissions; via CASE.

“Labor shortages, close-quarter environments, more stringent jobsite requirements — the challenges crews are up against today are more varied than ever,” says Terry Dolan, head of CNH Construction Brands, North America. “Helping crews meet the demands of the modern worksite is what drives our practical approach to innovation, and it’s why we’ve focused heavily on enhancing our robust lineup of mini excavators to offer the most efficient solutions. These new models deliver big on power, but they’re also easier to transport, move around the jobsite, operate, maintain and own, compared to larger machines.”

The CASE CX25EV ships with a 32.3 kWh li-ion battery that can be DC fast charged from 20-80% in under an hour, or from 0-100% in less than two hours. CASE says the new electric mini excavator offers operators 4,950 lbs. of traction force as well, and has provided a complete and comprehensive set of specs that I’ve included, below.

CASE CX25EV specs


SOURCE | IMAGES: CASE.


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E-quipment highlight: Manitou telehandler gets electric retrofit

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E-quipment highlight: Manitou telehandler gets electric retrofit

No matter how badly a fleet may want to electrify, harsh economic realities and the greater up-front costs typically associated with battery electric remain high hurdles to overcome — but a new retrofit option from French equipment manufacturer Manitou could help lower those barriers.

The retrofit solution showcased in the MT 1440 telehandler shown here was co-developed by Manitou Group and the electric engineers at Kinell for equipment rental group Kilotou as a cost-effective, energy-efficient way to decarbonize their customers’ construction and logistics operations. Crucially, this isn’t just a solution for late-model offerings — this MT 1440 telehandler is already seven years old!

“At a time when electric is set to become the norm and gradually replace fossil fuels, we see retrofitting as an alternative to mass replacement,” explains François Renault, Kiloutou director of equipment and sustainable development. “It is perfectly aligned with a comprehensive fleet upgrade program, without the need to buy everything back.”

Kinell’s modular retrofit replaces the 2018-spec diesel engine with a high-capacity battery sending power to a 55 kW (approx. 75 hp) electric motor. And, while battery specs aren’t shared, Kilotou says they expect a single charge to last a fully day in, “over 80% of daily usage cycles.”

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Manitou MT 1440 electric


Electric retrofit of the Manitou MT 1440
Retrofit electric telehandler; via Manitou.

Though it’s just a prototype for now, Manitou believes a retrofit solution like the one shown here could significantly reduce a job site’s carbon emissions — with all the safety and performance criteria equivalent to the internal combustion version. Once they get there, Manitou plans to offer the electrification kit, which would enable its customers to electrify without having to buy all new equipment assets.

“The goal (is to) provide an efficient solution for urban worksites, where reducing noise and emissions is critical, by converting diesel-powered telehandlers into electric models,” reads the official copy at Kinell. “The challenge was to develop a technically robust, economically viable, and scalable solution for converting diesel-powered telehandlers.”

Equipment World reports that the Kinell retrofits will be carried out on a number of equipment assets in the Kiloutou rental — each at least five years old. The repowered units will eventually be available for rent at Kiloutou’s branches in France, with retrofit packages eventually being rolled out to the larger market as the kinks are worked out.

SOURCE | IMAGES: Kinell.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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