The proposed ban on cryptocurrency mining, which calls for a forced three-year hiatus in all mining operations in New York, has been weakened – and will now allow green projects.
Account passed in the Senate on June 8 and has now been handed over to the State Assembly. If the law passes the assembly, it will be delivered to Governor Andrew Cuomo to approve or veto the proposed legislation.
The original New York Senate bill 6486A sought stop all cryptocurrency mining for three years in order to carry out environmental reviews of the impact of mining in the three countries.
However, the bill was amended in the Senate to cross the border, and revised The 6486B-bill now focuses exclusively on any company that uses carbon-based fuel sources for power cryptoexperience work mining.
#NYSenate Bill S6486B, sponsors @SenatorParker, passed (36-27, unofficial). Introduces a moratorium on consolidated operations that use work-based authentication methods to validate blockchain transactions:https://t.co/P2gDKdPnL5
– New York State Senate (@NYSenate) June 8, 2021
The ban on banning cryptocurrencies no longer has a specific timeframe, as the law prevents the expansion of any carbon-fueled mining operations, as well as the introduction of any new mining operations using non-renewable resources. energy sources.
The amended law also requires documentation regarding energy expenditure, carbon footprint and type of fuel used by all cryptocurrencies.
Governor Cuomo established However, on 7 June that he was not well acquainted with the proposed ban, he is aware of the environmental concerns surrounding the cryptocurrency industry:
“There are serious concerns.” No doubt about it. There are serious concerns. And I’ll look at the legislation. “
New York lawmakers’ scrutiny of crypto mining seems to be linked to its sustainable energy goals, with the bill referring to the “Climate Leadership and Community Protection Act”
The Protection Act set a target of reducing greenhouse gas emissions by 85% by 2050 and zero net emissions from all sectors of the economy within that time frame.
A persistent problem affecting some New Yorkers is the approved expansion of the Greenidge gas power plant to Lake Seneca, which intends to devote 85 megawatts of energy to bitcoin mining by 2022.
Firm reported the transition from coal to natural gas, together with the recent transition to carbon neutrality through carbon offsets, has not dampened resistance from the Seneca Lake Guardian environmental group.
Group he noted On June 5, Greenidge merely switched from a coal-fired power plant to a “fractional gas plant” and complained that the Department of the Environment (DEC) had failed citizens to “fail to complete a new environmental impact statement”:
“Greenidge now burns fossil fuels simply to make fake money in the midst of climate change, without regulation or supervision.”