New York Senate approves bill that prohibits Bitcoin mining – DiarioBitcoin

New York Senate approves bill that prohibits Bitcoin mining - DiarioBitcoin

New York Senate approves bill that prohibits Bitcoin mining - DiarioBitcoin By DailyBitcoin Editor

New York Senate passes Bitcoin mining ban bill over environmental concerns.
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  • The New York Senate passed a PoW mining bill.
  • Includes a 2-year moratorium on new mining projects.
  • Current miners can continue to operate.

A few hours ago, the New York State Senate approved a bill aimed at mining Proof of Work (PoW) in an effort to address some of the environmental concerns surrounding cryptocurrency mining. This is also approved one day after it became known that the White House itself (that is, the National Executive) is preparing policies to combat the environmental impact of mining Bitcoin.

The bill, which passed the New York Assembly in April, would impose a two-year moratorium on any new PoW mining projects powered by carbon-based fuel in the state, although existing mining companies or those currently in the process of renewing permits may be authorized to continue operations.

The Senate voted 36-27 in favor of the bill.

According to the bill’s Democratic sponsor, Senator Kevin Parker, there is currently only one such plant in operation, which would not be affected by the bill. He added that there is a pending application, which may be put on hold until the study has concluded.

During the moratorium, the state will conduct a study on the potential environmental impacts of trial-of-work mining.

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surprising approval

According to media like coin desk, many expected the bill to die in committee, as last year’s version of the bill did, after the Senate Environmental Conservation Committee refused to consider it during its last meeting of the session. In fact, the chairman of the committee, Senator Todd Kaminsky, told CoinDesk in May that he was concerned the bill might have “damaging economic consequences for New York if people perceive it as hostile to cryptocurrencies.”

However, a last-minute referral of the bill from the Committee on Environmental Conservation to the Senate Committee on Energy and Telecommunications (which is chaired by the bill’s sponsor, Senator Parker) on Thursday night meant that the bill bill was able to reach the full Senate and vote on it before the legislative session closed at midnight.

On many occasions, city agencies have warned about the damage caused by cryptocurrency mining. For example, in 2020, the New York Department of Financial Services did.

missing signature

New York Governor Kathy Hochul still needs to sign the bill into law before it can become law.

New York has long been seen as a place for crypto mining companies to set up due to cheap hydroelectric power sources. In more recent years, mining companies have also repurposed obsolete coal-fired power generation facilities. Greenidge Generation, for example, it renovated one of those facilities to operate with natural gas.

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Do you want to read the project? You can do it here.

Sources: New York Senate, coindesk, finbold, File, Archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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