Finance

New York Bans PoW Crypto Mining for 2 Years

In an effort to limit the environmental impact caused by Bitcoin mining in the state, the New York State Assembly yesterday passed a bill banning all new mining facilities for two years. of proof-of-work (PoW) cryptocurrency in its jurisdiction.

The bill was passed as part of New York’s Earth Day Package.

State Senator Anna Kelles took to Twitter to announce that the bill she sponsored will also impose a permit renewal suspension on existing crypto PoW facilities that seek to increase their power consumption.

The ban, however, will only extend to mining operations using carbon-based fuel as a power source in the state.

With 95 votes in favor and 52 against, the bill passed the crucial stage of approval by the National Assembly. It will now be worn by Senator Kevin Parker to garner support from the state Senate. After this step, the bill will be handed over to Governor Kathy Hochul, who can choose to sign it or veto it.

If implemented as law, the proposal directs the Department of Environmental Conservation (DEC) to submit a “generic environmental impact statement” to locate, count and assess the effects of PoW miners on greenhouse gas emissions and public health.

The bill faced fierce opposition from crypto advocacy group Blockchain Association, which called on New Yorkers “pro-tech, pro-innovation, pro-crypto” to write to senators against The law project.

After the bill was passed, the association argued that a 3-hour discussion regarding its effects took place in the house where they presented “greater opposition to the mining ban than people believed. supporters”. In a tweet, the advocacy group said it would continue to fight the “anti-tech bill”.

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