New York State Assembly Passes Ban on New BTC Mines that don’t Use Green Power

The New York State Assembly passed a bill late on Tuesday, April 26. They would place a two-year ban on all new proof-of-work (PoW) cryptocurrency mining facilities. This ban will be on the state that uses a carbon-based fuel to power its operations.

The bill sponsored by Anna Kelly would not only impose a two-year hold on approval of any new Bitcoin mines but the proposed moratorium would. Further, this will also prevent the renewal of permits issued to existing PoW cryptocurrency miners. They are using carbon-sourced energy if they seek to increase the amount of electricity consumed.

The bill gathered the support it needed to pass, with 95 in favor, and 52 against. This bill will now be done by Senator Kevin Parker for a vote in the Senate. However, if successful it will go to Governor Kathy Hochul who can veto the bill or sign it into law.

The Department of Environmental Conservation (DEC) will follow the task of the bill with preparing a “generic environmental impact statement” to number, locate and assess the energy consumption and greenhouse gas emissions of PoW miners and their impact on public health.

Why New York State Assembly passes a ban on new BTC mines?

Cryptocurrency industry advocacy group the Blockchain Association. This association was named “pro-tech, pro-innovation, pro-crypto”. The residents of New York mounted an opposition to the bill. They claim that resulted in thousands of messages to legislators.

The association said that around three hours of debate took place over the bill. They are demonstrating what they believe is a “greater opposition to the mining ban than proponents believed.” In a tweet today the team said it will direct its energy to the New York Senate. They want to defeat what it calls the “anti-technology bill”.

Proposed bans on proof-of-work cryptocurrencies on environmental grounds are becoming more common.

Author: admin