Bitcoin miners that don’t use green power to be banned: NY State Assembly
The New York State Assembly, the lower house of the New York State Legislature, has officially passed a bill late on Tuesday, April 26, 2022, concerning crypto mining activities. The bill will put a ban on all new proof-of-work (PoW) cryptocurrency like Bitcoin mining facilities in New York City for the next two years.
Bitcoin miners to be banned
The new bill targets Proof-of-Work (PoW) cryptocurrencies that consume a lot of electricity or other energy sources. New Bitcoin mining miners won’t be able to get a license to operate, while the older ones who plan to renew their licenses won’t be able to do so unless they find alternative sources of energy.Kelles announced in a Twitter post that the bill has passed the New York State Assembly and will now make its way for the approval of the Senate. If passed by the Senate, Governor Kathy Hochul will sign the bill into law.
“The continued and expanded operation of cryptocurrency mining operations running proof-of-work authentication methods to validate blockchain transactions will greatly increase the amount of energy usage in the state of New York and impact compliance with the Climate Leadership and Community Protection Act.”
Mining activities under regulatory oversight
The effect of Bitcoin mining is not hidden from any regulations, and the surge in popularity of the same calls for immediate alternatives. Recently, we saw firms like Hello Pal take their business to Australia, which seems to be the new destination for miners.On the other hand, Russia has also passed a new draft bill that seems to introduce positive laws for Bitcoin and other PoW cryptocurrency miners. However, following the adverse effect on climate due to BTC mining, Ripple co-founder and executive chairman Chris Larsen and Greenpeace have launched a new campaign that aims to change the code for Bitcoin and turn it into a Proof-of-Stake blockchain.
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