A bill that would require miners in New York to suspend cryptocurrency mining for three years was proposed in May due to environmental concerns.
New York Bill Proposing Banning Cryptocurrency Mining For 3 Years Has Not Been Passed
New York’s Senate Bill 6486 failed to pass Congress today after lawmakers in the Democratic-controlled state senate passed the legislation earlier this week. The bill aims to establish a “ban on the operation of cryptocurrency mining centers” while experts consider the environmental impact of mining, especially those supported by fossil fuels. jelly.
According to a branch of National Public Radio based in Connecticut, the Brotherhood of Electrical Workers labor union has spoken out against the anti-mining law, arguing that it’s not fair to the members of this organization. Some proponents of the bill’s passage cited environmental concerns, given the massive energy needs to mine cryptocurrencies – miners currently need a license from the country’s environmental regulators. New York State to operate.
Learn about New York Senate bill 6486 banning cryptocurrency mining for 3 years
New York Senate Bill 6486 was proposed by Senator Kevin S. Parker, Democratic Chairman of the Energy and Telecommunications Committee, and co-sponsored by Democratic Senator Rachel May, Chairman Chairman of the Committee on Aging, Chairman of the Legislative Committee on Rural Resources
The bill seeks to “establish a moratorium on the operation of crypto mining centers,” to slow the environmental impacts of fossil fuel-powered cryptocurrency mining in particular.
It also aims to enforce stricter regulations for mining centers, such as the requirement to undergo an environmental impact assessment, which would prevent cryptocurrency mining if the facility does not. comply with New York’s climate change goals.
The bill was referred to the Environmental Conservation Commission on May 3 and stated it would act in accordance with New York’s “Climate Leadership and Community Protection Act,” with the bill stating that:
“A single crypto transaction uses the same amount of energy that the average American household uses in a month, with an estimated global energy use equivalent to the energy use of the land. Sweden.”
The Climate Leadership and Community Protection Act was passed in 2019 and sets targets like 70% renewable energy by 2030, 100% zero-emission electricity by 2040 and 22 million tons of carbon reduction. through energy efficiency and electrification.
However, Cryptocurrency Mining has been a hot topic in New York, such as Greenbridge’s proposed expansion of a gas-powered Bitcoin plant on Lake Seneca. According to the report, the plant plans to power 27,000 computers running 24/7 for Bitcoin mining.
This angered environmental group Seneca Lake Guardian, who stated in the call to action published on February 1 that: “Cuomo cannot lead on climate change and support open expand Bitcoin on Seneca.
Important Note: All content on the website is for informational purposes only and is not investment advice at all. Your money, the decision is yours.