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New York proposes to ban crypto mining for 3 years over carbon concerns. This news may not be the greatest for the crypto miners in the city.
The environmentally-focused New York Senate Bill 6486, was proposed by Democrat senator Kevin S. Parker, the Chairman of Committee on Energy and Telecommunications, and co-sponsored by fellow Democrat senator Rachel May, the Chair of Committee on Aging, Chair of Legislative Commission on Rural Resources.
The Democrats are in control of the house and senate, though the bill has yet to get approval from other senators.
The bill focuses to slow down the environmental impacts of fossil fuel-backed crypto mining operations. The implementation of the bill will enforce stricter regulations for mining centers, such as the requirement to undergo an environmental impact review, which would prevent crypto mining if the facility does not comply with New York’s climate change targets.
The proposed bill was referred to the Environmental Conservation Committee on May 3. It goes in accordance with New York’s “Climate Leadership and Community Protection Act.
The proposed bill states,
It is reasonable to believe the associated greenhouse gas emissions will irreparably harm compliance with the Climate Leadership and Community Protection Act in contravention of state law.
With proposed plans of expansion by Greenbridge’s gas-fired Bitcoin plant on Seneca Lake, Crypto mining in New York is already turning out to be a hot topic. It has plans to power up nearly 27,000 computers that will run 24/7 to mine Bitcoin.
The project has not been received well by the Environmental Group Seneca Lake Guardian. They have expressed their thoughts in the call to action published on Feb 1. They said, “Cuomo can’t lead on climate change, and support Bitcoin expansion on Seneca.”
Yvonne Taylor, Vice President of the Environmental Group Seneca Lake Guardian said,
We’re talking about burning more fossil fuels to make fake money in the middle of climate change, which we view as insane.
Early China imposed similar restrictions in an attempt to minimize carbon emission levels. Currently, China accounts for nearly 65% of the world’s Bitcoin hashing power.