New York Bitcoin Mining Moratorium Bill Receives Tremendous Recognition

2022-3-14 15:25

Currently, the pressure to suspend cryptocurrency and Bitcoin mining in the United States is gaining force in New York as the New York environmental agency evaluates the impact of crypto mining on the environment.

On Monday, the New York state senate submitted a bill to enforce a 3-year pause on cryptocurrency mining across the state. In their intentions, crypto mining should be suspended until the feds discover its effect on the environment and climate. Bill A7389B is sponsored by senate members Ken Zebrowski, Amy Paulin, and 43 others.

Related Reading | UAE Close To Issuing New Regulatory Framework For Crypto Firms, Says Regulator

Over the while, crypto mining has gotten a growing regulation for massive carbon footprint attached to power consumption for 24/7 operations. A report by Digiconomist places the worldwide mining footprint at circa 53 megatons of CO2 per annum, which is about the same amount as Sweden’s carbon emissions annually.

Of recent, the upper sides of New York have become a hot region of crypto mining activities, and there are possibilities of additional crypto mines in the works.

What Is The Bill We’re Talking About?

The A7389B is a proposal by the New York Senate to pause crypto consensus mechanism activity, the Proof-of-Work (PoW) consensus algorithm that requires users to mine crypto coins. The proposal stated that the suspension should span for three years.

Adding to the 3-year pause of Bitcoin and crypto mining at previous fossil fuel power stations, the Bill stated that the NYSDEC (New York State Department of Environmental Conservation) would scrutinize the cryptocurrency mining industry within the state. According to the Bill, this scrutiny will assess the effect of crypto and Bitcoin mining on air quality, water, greenhouse gas production.

Bitcoin price falls below $39,000 | Source: BTC/USD price chart from Tradingview.com

One of the state reps, Anna Kelles, explained last month that information gotten from the NYSEC would enable the agency to determine whether it’d be proper to ban crypto mining or not outrightly.

The primary motivation, she emphasized, is that the state’s senate is ensuring that the crypto industry doesn’t inhibit them from accomplishing their climate goals. Thus, she submitted the legislation to the New York legislature in May 2021.

Bitcoin Mining And The New York Senate

All the same, for this Bill to be passed into law, a more significant segment of the state assembly member to vote it in. Presently, out of 150 members, 45 are sponsoring the Bill, so that’s quite a distance for the Bill to go.

Furthermore, governmental candidate Jumaane Williams supported the legislation because of environmental worries and what it sees as the deteriorative effect of crypto mining activities.

Related Reading | Reports Suggest New Investors Developing Keen Interest In Cryptocurrencies

The PoW (Proof-of-Working) operations require using high-end computers focused on executing high-end computations and solving cryptographic puzzles needed on the blockchain. Some well-known crypto projects that use PoW mining include ETH and the world’s leading cryptocurrency – Bitcoin.

Featured image from Pixabay and chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining york new bitcoin environmental force gaining

mining york → Результатов: 102


Фото:

New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium

A St. Lawrence county town located in New York near the Canadian border, Massena, is another region in the state that is having issues with bitcoin miners. According to recent reports from the local WWNY-TV news desk and Reuters, the Massena town supervisor is drafting new regulations for bitcoin mining operations. Officials From Town of […]

2021-7-24 13:00


Canadian Border Town Suspends Crypto Mining To Ensure Town Looks Presentable

Massena, a small town in New York near the Canadian border, has temporarily halted new crypto mining operations in the area. Crypto Mining Suspended For Aesthetic Reasons Due to aesthetic concerns, Massena town officials imposed a 90-day moratorium on new Bitcoin mining activity, according to a report by the Associated Press on Friday. Massena Town […]

2021-7-24 03:19


Фото:

Greenidge to go carbon neutral as BTC adopters pull back citing environment harm

Greenidge Generation Holdings, a renowned Bitcoin (BTC) mining firm, is planning to launch a carbon-neutral BTC mining operation on June 1, 2021. The new facility is based in Upstate New York. Reportedly, the company will achieve carbon-neutral mining by purchasing voluntary carbon offsets from a list of greenhouse gas reduction projects in the US.

2021-5-15 13:30


Фото:

The World’s First HashRate-standardized Mining Platform BitFuFu Goes Live

BitFuFu launched the world’s first HashRate-standardized mining platform on the 15th of December 2020, representing a huge evolution in the industry. 15th December 2020, New York, NY – BitFuFu, the first HashRate-standardized mining platform in the world will provide users with HashRate-standardized cloud mining product services, and enable users to buy BTC with one-click ordering.  […]

2020-12-17 18:43


The World’s First HashRate-standardized Mining Platform BitFuFu Launches on December 15th, 2020

BitFuFu will launch the world’s first HashRate-standardized mining platform on 15th of December 2020, representing a huge evolution in the industry.    15th December 2020, New York, NY – BitFuFu, the first HashRate-standardized mining platform in the world will provide users with HashRate-standardized cloud mining product services, and enable users to buy BTC with one-click ordering.

2020-12-15 13:44