Monday, November 28, 2022

New York Regulators Advance Mining Moratorium Bill To Full Assembly

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New York regulators push forward with the mining moratorium bill which will permit PoW mining operations in former power plants for two years so let’s read more today in our latest cryptocurrency news.

The New York regulators advance the mining moratorium bill which aims to put a two-year moratorium on select PoW mining operations in the state. The members of the NY Assembly Ways and Means Committee considered the bill at a meeting on Monday and voted to send the bill to the floor for a vote by the full Assembly. Despite calculating the misunderstandings the bill will ban all mining in new york, the scope of the bill is limited. If passed, it will place a two-year moratorium on the issuance of the new permits for PoW mining operations that proposed the use of the electric generating facility which utilizes a carbon-based fuel.

The bill will require a study by the New York State Department of the Environmental Conservation of Pow mining’s impact on the state’s ability to reach its climate goals set forth by the Climate Leadership and Community Protection Act that will mandate the New york greenhouse gas emissions to be cut by 85% by 2050. if passed, the bill will present a serious obstacle for mining operations such as Greenidge Generation which fired up once the coal power plant in upstate New York and converted it to run on natural gas and power the BTC mining operation which is the source of controversy among the lawmakers and the environmental groups.

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Though the Greenidge Generation’s existing operation will not be affected by the bill because its permit application is outstanding, it will be unable to expand the operations, and the future mining operations hoping to replicate the model wouldn’t be allowed to do so. The bill also will not affect existing PoW mining operations or those that plan to use the state’s abundant sources of energy and in some parts, the crypto miners have found industrial power as cheap as 1.9 cents per kilowatt-hour.

Another version of the bill that didn’t make it past the Assembly last year after facing resistance from the worker’s union, called for a three-year moratorium on the crypto mining in the state. Despite the narrow scope of the version of the bill, crypto advocates were concerned that the passage will pave the way for future legislation that cracked down on mining in New York and that crackdown will hurt the crypto industry acorss the state. John Olsen as the New York state lead at the Blockchain Association said:

“A two-year mining ban sends a really bad message to the blockchain industry, to crypto companies, to Web 3 companies, that New York is saying ‘You’re not welcome here.”

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