New York State Assembly passes prohibition on new BTC mines not using green power

April 27, 2022

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New York State Assembly passes prohibition on new BTC mines not using green power

The bill will now be held with support to the State Senate for passing before a final sign-off into law by Governor Hochul. The New York State Assembly legislated a bill late on Tuesday that would put a 2-year prohibition on all new proof-of-work, POW digital currency mining structures in the nation that utilizes a carbon-based fuel to enhance their undertakings.

The bill would not only inflict a 2-year grip on approval of any new Bitcoin mines, but the proposed suspension would also deter the revival of licenses issued to existing PoW virtual currency miners utilizing carbon sourced power if they strive to boost the quantity of electricity absorbed. The bill collected the assistance it needed to pass, with 95 in favor and 52 against. If successful, it will then be provided to Governor Kathy Hochul, who can veto the bill or approve it into law.

The Department of Environmental Conservation, DEC would be charged by the bill with readying a generic environmental consequence statement to number, discover and examine the energy consumption and greenhouse gas emissions of PoW miners and their effect on public health.

Digital currency industry advocacy organization the Blockchain Association had previously called on pro-tech, pro-innovation, pro-crypto citizens of New York to ascend an opposition to the bill, which they contended resulted in thousands of statements to legislators. The institute said that 3 hours of debate took place over the law, indicating what they understand is greater opposition to the mining prohibition than supporters believed.

Formulated bans on proof-of-work digital currencies on environmental floors are evolving more common. An identical suggestion called the Markets in Crypto Assets or MiCA bill was barely vetoed in the European Parliament in late March, with lawmakers there even contemplating a prohibition on Bitcoin trading to execute the proposed prohibition on mining.

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