New York senators have revised a proposal to ban all cryptocurrency mining for 3 years and are now looking to stop only miners backed by carbon-based fuel sources.
On May 5, New York proposed a bill to ban cryptocurrency mining for 3 years due to concerns about environmental pollution, but currently the bill under consideration is partially scrapped to pave the way for projects. green mining.
The original New York Senate bill 6486A sought to halt all cryptocurrency mining for three years in order to conduct an environmental impact assessment of mining operations in the region. However, the bill, which has been amended in the Senate, now focuses only on any company that uses a carbon-based fuel source to power mining.
The bill passed in the Senate on June 8 and has now been moved to Congress. If the bill passes Congress, it will go to Governor Andrew Cuomo to either approve or veto the proposal.
#NYSenate Bill S6486B, sponsored by @SenatorParker, passed (36-27, unofficial). Establishes a moratorium on constituency operations that use proof-of-work authentication methods to validate blockchain transactions:https://t.co/P2gDKdPnL5
— New York State Senate (@NYSenate) June 8, 2021
The revised bill also requires documentation regarding energy output, carbon emissions, and the type of fuel used by all cryptocurrency miners. New York Governor Andrew Cuomo announced on June 7 that he was not familiar with the proposed ban, however, he was aware of environmental concerns surrounding mining.
There are serious environmental concerns in cryptocurrency mining. There’s no doubt about that. And I will consider the law to regulate.
An ongoing issue that concerns some New Yorkers is the approved expansion of Greenidge’s gas-powered Bitcoin plant on Lake Seneca. The plan is to dedicate 85 megawatts (MW) of electricity to Bitcoin mining by 2022.
New York lawmakers’ examination of cryptocurrency mining appears to be linked to the state’s sustainable energy goals, which aim to reduce greenhouse gas emissions by 85% by 2050 and zero net emissions from all sectors of the economy in the above time frame.
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