Cryptocurrency News

Proposed New York bitcoin mining ban eased to allow green projects

A proposed crypto mining ban on all mining operations in New York has been eased by forcibly for a three-year hiatus – and will now allow green projects.

Bill Passed to the Senate on June 8, and has now been referred to the State Assembly. If the bill is passed in the Assembly, it will be given to Governor Andrew Cuomo to approve or veto the proposed legislation.

Preliminary New York Senate Bill 6486A demanded Stop All Crypto Mining for Three Years To review the environmental impact on mining operations in the tri-state area.

However, the Senate was amended to bring the bill over the line, and Revised 6486B-The bill now focuses solely on any firm that uses carbon-based fuel sources for electricity proof of work crypto digging.

There is no specific time frame on the crypto mining ban, with the bill preventing the expansion of any carbon-fuelled mining operations as well as the establishment of any new mining operations using non-renewables. energy source.

The amended bill also requires documentation regarding energy production, carbon footprint and type of fuel used by all crypto miners.

Governor Cuomo Having said On 7 June that he was not well aware of the proposed ban, however, he is aware of the environmental concerns surrounding the crypto mining industry:

“There are serious concerns. No doubt about it. There are serious concerns. And I will look at the law.”

New York legislators’ examination of crypto mining appears to be related to its sustainable energy goals, with the bill referring to the state’s “Climate Leadership and Community Protection Act.”

The Protection Act aims to reduce greenhouse gas emissions by 85% by 2050 and zero net emissions from all sectors of the economy within that time frame.

An ongoing issue concerning some New York residents is the approved expansion of Greenidge’s gas-fired bitcoin plant on Seneca Lake – which intends to To dedicate 85 MW of electricity to bitcoin mining by 2022.

of the firm Reported The transition from coal to natural gas, along with the recent shift to carbon neutrality through carbon offsets, hasn’t dampened opposition from environmental group Seneca Lake Guardian.

group famous On 5 June Greenidge changed from a coal-fired plant to a “fracked-gas burning plant”, complaining that the Department of Environmental Protection (DEC) had failed citizens “by not completing a new environmental impact statement”. . “:

“Greenies is now burning fossil fuels without any regulation or oversight, just to make fake money amid climate change.”