New York Bill Proposes 3 Year Crypto Mining Ban

Republished By Plato

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New York-based crypto miners are facing a potential three-year ban.
Democrat Senators Parker and May proposed the New York Senate Bill.
The bill is yet to get widespread backing from other senators.

New York-based crypto miners are facing a potential three-year ban if the latest environment-friendly bill passes in the state senate.

Democrat senator Kevin S. Parker, the Chairman of Committee on Energy and Telecommunications, proposed the New York Senate Bill 6486. In addition, fellow Democrat senator Rachel May, the Chair of Committee on Aging, Chair of Legislative Commission on Rural Resources was the bill co-sponsor.

The bill seeks to build an embargo on the working of crypto mining centers. In order to reduce the environmental impacts of fossil-fuel-backed crypto mining. However, the bill is yet to get widespread backing from other senators. Notably, the Democrats control the lower house and senate.

The Bill was referred to the Environmental Conservation Committee on May 3. The bill claims to be acting in accordance with New York’s “Climate Leadership and Community Protection Act” which states,

“A single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month, with an estimated level of global energy usage equivalent to that of the country of Sweden.”

More so, the associated greenhouse gas emissions will also violate compliance with several laws. In particular, it violates the Community Protection Act and the Climate Leadership in contravention of state law.

Also, the state passed the Climate Leadership and Community Protection Act in 2019. The Act set targets like 70% renewable energy by 2030 and 100% zero-emission electricity by 2040. Also, the act aims to reduce 22 million tons of carbon through electrification and energy efficiency.

In New York, crypto mining is already a hot topic. Especially due to the proposed development of Greenbridge’s gas-fired Bitcoin (BTC) plant on Seneca Lake. Moreover, the plant has plans to power up to 27,000 computers that will run 24/7 to mine Bitcoin.

Source: https://coinquora.com/new-york-bill-proposes-3-year-crypto-mining-ban/

Time Stamp: May 5, 2021