New York State has passed a bill placing a moratorium on certain types of cryptocurrency mining operations that utilize carbon-based energy sources. The policy would ban proof-of-work (PoW) mining for two years if the Assembly bill is approved by New York Governor Kathy Hochul.
New York PoW Mining Moratorium Legislation to Delivered to Governor Kathy Hochul’s Desk, Crypto Advocates Say Bill Is a ‘Significant Setback for the State’
New York PoW Mining Moratorium Legislation to Delivered to Governor Kathy Hochul’s Desk, Crypto Advocates Say the Bill Is a ‘Significant
New York lawmakers have introduced a bill aimed at banning PoW mining operations that utilize carbon-based energy sources. Assembly Bill A7389Cwas authored and sponsored by New York Assemblywoman Anna Kelles. In an interview, the Democratic politician from the 125th Assembly District stated that she needed to do something because she felt “like the environment was crumbling around me”. Keres further stated that even when he lay in bed, it stressed him out and he “couldn’t sleep.”
In recent years, New York has implemented aggressive climate targets, with aplan to reduce carbon emissions by 85% by 2050.Assembly Bill A7389C addresses how bitcoin mining will improve renewable energy demand and how it will reduce emissions is not discussed; an ESG study released in May states that bitcoin mining could eliminate 0.15% of global warming by 2045. Furthermore, bitcoin network emissions represent only 0.08% of global CO2 emissions. Furthermore, Assembly Bill A7389C does not discuss the carbon and military violence associated with the US dollar’s proof-of-work algorithm.
Assembly Bill A7389C has been passed by the New York Assembly and Senate, and the bill will soon be delivered to Democratic New York Governor Kathy Hochul. if Hochul signs the bill, a moratorium on certain types of cryptocurrency mining operations will begin. Areport published by CNBC’s MacKenzie Sigalosexplains that members of the crypto industry believe this policy could have a ripple effect across the country. Amanda Fabiano of Galaxy Digital stated.
New York is setting a bad precedent that other states may follow.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) sent a statement to Bitcoin.com News, noting that the bill would not disrupt the business it operates in New York It noted that it would not.” The language of the bill states unequivocally, and the original sponsor of the bill has confirmed that the bill does not apply to Greenidge’s operations.” Greenidge stated on Friday.” If the bill is signed into law, our fully licensed power generation and cryptocurrency data center in Dresden, NY will continue to operate without interruption.”
Speaking with CNBC’s Sigalos, Perianne Boring, founder and president of the Digital Chamber of Commerce, told reporters that the moratorium is a setback.” Boring elaborated, “This is a serious setback for the state and will hinder its future as a leader in technology and global financial services. More importantly, this decision will eliminate important union jobs and further deprive many unbanked people in the Empire State of financial access,” added the president of the Digital Chamber of Commerce.
What do you think about New York’s moratorium policy on certain types of cryptocurrency mining operations? Do you think Governor Kathy Hochul will sign this bill? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons