U.S. New York to ban cryptocurrency mining

On May 3, local time, the U.S. New York State Senate submitted a new proposal that aims to ban the operation of cryptocurrency mining centers until the New York State government can confirm the environmental impact of mining.

U.S. New York to ban cryptocurrency mining

The New York State Senate proposal is Proposition 6486, sponsored by Senator Kevin S. Parker, D-N.Y., chairman of the Energy and Telecommunications Committee, and co-sponsored by Senator Rachel May, D-N.Y., chairman of the Committee on Aging and chair of the Rural Resources Legislative Committee.

The proposal has not yet received broad support from other senators, although it is worth noting that the U.S. Democratic Party has been dominant in the House and Senate. The original proposal states that it hopes to “suspend the operation of cryptocurrency mining centers” as a way to reduce the environmental impact of fossil fuel mining.

The proposal would also impose stricter regulations on major mines and mining centers, such as requiring these companies to go through an environmental impact assessment (before opening) to see if they can meet New York’s climate change goals, and then banning them from mining if they can’t.

The proposal, which was submitted to the Environmental Protection Committee on May 3 local time and was allegedly drafted to comply with New York’s Climate Leadership and Community Protection Act, states.

“One cryptocurrency transfer consumes the same amount of energy as one U.S. household consumes in one month, and estimated global energy use is comparable to that of the country of Sweden.”

The proposal added: “There is reason to believe that the greenhouse gas emissions associated with (mining) would cause irreversible (environmental) harm, would not be consistent with the provisions of the Climate Leadership and Community Protection Act, and would violate state legislation.”

New York State passed the Climate Leadership and Community Protection Act in 2019, which aims to reach a goal of 70 percent sustainable energy by the end of 2030 and 100 percent zero carbon emissions from electricity by 2040, as well as reduce 22 million tons of carbon emissions through more efficient energy use and electricity.

If Proposition 6486 is voted on, it would be a fatal blow to New York State’s mining operations. The length and rigor of the environmental assessment report, for example, will cause headaches for local mining companies. The environmental assessment will examine whether the mining company meets greenhouse gas emission requirements, and its impact on water quality, air quality and wildlife will all be tested. Leading mining company Greenidge Generation, whose mine is located in Dresden, New York, mined about 5.5 bitcoins a day last year. The company originally planned to go public this year, and the bill, if passed, will undoubtedly put the IPO on hold.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/u-s-new-york-to-ban-cryptocurrency-mining/
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