A proposal to ban cryptocurrency mining, which called for a forced three-year cessation of all mining operations in New York, has been relaxed: now it will make ecological projects possible.
The bill was passed by the Senate on June 8th and has now been referred to the State Assembly. If the bill passes the Assembly, it will be given to Governor Andrew Cuomo to approve or reject the bill.
New York Senate Bill 6486A was supposed to stop all cryptocurrency mining for three years. Carry out a review of the environmental impact of mining operations in the border triangle.
However, the bill was changed in the Senate, and the revised 6486B bill now focuses solely on all companies that use carbon-based fuel sources to advance proof-of-work crypto mining.
NYC Senate Bill S6486B sponsored by @SenatorParker passed (36-27, unofficial). Establishes a moratorium on consolidated operations that use proof-of-work authentication methods to validate blockchain transactions: https://t.co/P2gDKdPnL5
to???? New York State Senate (@NYSenate) June 8, 2021
There is no longer a specific timeframe for the cryptocurrency mining ban because The bill prevents the expansion of a carbon-powered mining operation as well as the creation of new mining operations that use non-renewable energy sources.
The amended bill also requires documentation on energy generation, carbon footprint and the type of fuel used. from all cryptocurrency miners.
Governor Cuomo said on June 7th that he was unaware of the proposed ban. However, it is aware of the environmental concerns surrounding the crypto industry:
â ???? There are serious concerns. There is no doubt about it. There are serious concerns. And I will study the legislation. “
New York lawmakers’ investigation into crypto mining appears to be related to their sustainable energy goals: the bill refers to the state’s “Climate Leadership and Community Protection Act”.
The Protection Act set the goal of reducing greenhouse gas emissions by 85% by 2050and zero net emissions from all sectors of the economy over that period.
One issue that worries some New Yorkers is the approved expansion of the Greenidge gas facility on Seneca Lake., which aims to provide 85 megawatts of energy for Bitcoin mining by 2022.
The company’s transition from coal to natural gas, together with its recent switch to CO2 neutrality through CO2 compensation, Resistance from the environmental organization Seneca Lake Guardian has not abated.
The group found on June 5 that Greenidge simply went from a coal-fired power station to a “broken gas incinerator” and complained that the Department of Environmental Conservation (DEC) had failed citizens by “not completing a new environmental statement”:
“Greenidge is now burning fossil fuels to make the wrong money amid climate change, with no regulation or oversight.”
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