Sunday, November 27, 2022

New York State Assembly Passed Bill Aimed At Carbon-Based Mining

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The New York State Assembly passed the moratorium bill aimed at Carbon-based mining, and the bill passed with 95 in favor and 52 against so if approved, it will be delivered to the governor who can sign it or veto it as we can see more today in our latest cryptocurrency news.

New York State’s lower chamber passed a bill on Tuesday and imposed a two-year moratorium on crypto mining facilities that use carbon-based fuel to validate the PoW blockchain transactions with the legislation aims to address environmental issues that come from the Pow’s massive energy consumption. The Bill A7389C was sponsored by the Democratic Assemblymember Anna Kelles was passed to regulate more Pow miners that use carbon-based energy and mine crypto according to it, the no new permits will be issued to such miners for two years, the facilities powered by carbon will not be able to renew the ls science if they decided to increase the amount of energy that they need for mining. The New York state assembly passed the bill so it is now awaiting a vote of yes or no.

The bill tasks the Department of Environmental Conservation with conducting a comprehensive review of the mining sites in the state and ensuring that they meet the environmental requirements set by the state. The Moratorium only targets electric generating facilities like power plants and requires a DEC permit that doesn’t impact the mining of individual cryptos like BTC. A previous version of the bill called for a three-year moratorium on a broader scope of mining facilities but it didn’t get passed by the Assembly last year. Kelles celebrated the bill being passed as a part of the Earthday package and clarified that the moratorium is not a ban on crypto nor a restriction on mining.

New York Regulators, mining, moratorium, regulators

Before the bill was passed, the Blockchain Association wrot3e a petition requesting people to email their representatives and stop such a bill but the organization believes that it could kill the mining industry in the state as the miners will move out of the state and will result in no positive impact on climate change.  The association’s executive director Kristin Smith said that pushing miners of the state is the wrong answer to evade emissions and bring prices under control. She also worried that the moratorium will have a chilling effect ont the growth of the industry in New York.

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