New York Bitcoin mining suspension bill pick ups assistance

March 4, 2022

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A New York State proposal to postpone fossil fuel-powered proof-of-work (POW) mining for three years, has earned assistance from 2 more Assembly members. Members Amy Paulin and Ken Zebrowski have tossed their names in along with 43 other cosponsors for bill A7389B. Moreover, the 3-year long break of mining at old fossil fuel power plants, the bill would want the New York State Department of Environmental Conservation to discuss the state’s crypto mining industry. The assessment would assume the effect on water and air quality and greenhouse gas emissions.

New York State Representative Anna Kelles said in February that the information from the New York State Department of Environmental Conservation (NYSDEC) examination would help to understand whether a total mining ban would be in order if necessary to guarantee that the enterprise does not prevent from attaining our climate goals. The bill needs a majority of Assembly members to send to the Governor’s office for the final approval of the bill into law. Gubernatorial candidate Jumaane Williams has also raised his voice to assist with the legislation due to environmental issues and what he anticipates to be the dangerous economic consequence of the mining systems.

Proof-of-Work crypto mining needs the use of computers especially formulated to accomplish the mathematical equations required to establish new blocks on the blockchain. BTC and ETH are the most prominent PoW chains today. ETH is anticipated to switch to proof-of-stake (PoS) in 2022 and abolish the power-hungry mining method. The environmental impact of PoW mining has been an important point of environmentalists for a long time. CoinShares indicated that 0.08% of the world’s Carbon dioxide emissions are from mining. New York state businesses inquired governor Kathy Hochul to refute crypto miners’ licenses to set up their systems at dysfunctional power plants. They referred to the enormous power consumption, a growing e-waste issue, and the state’s environmental goals as reasons for consent refusal.

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