New York Senate Passes Crypto Mining Moratorium
Just two days ago, Live Bitcoin News published an article saying that a proposed crypto mining moratorium in the state of New York had stalled in the Senate, and that the bill likely wasn’t being pushed through. Well, from one day to the next, it looks like the bill has indeed gotten the greenlight and is now awaiting the governor’s signature to be turned into law.
New York Moves Forward with Crypto Ban
The bill calls for a two-year ban on all new mining projects that invoke proof of work (PoW) modules. This would include primarily mining projects that extract bitcoin. The state is worried about the energy used by crypto mining and the effects it could have on Earth’s atmosphere.
The bill was passed by the Senate during the last few hours of a legislative session, though all present crypto mining companies that have already stationed themselves in New York may stick around. The ban will prevent any new enterprises from stepping in and making New York home.
Environmentalists are breaking out the champagne everywhere, with Liz Moran – a New York policy advocate for Earthjustice – explaining in a statement:
The New York Senate has stood up for New Yorkers and our landmark climate law with the passage of this crucial bill to address crypto mining in fossil fuel power plants. With this bill’s passage, the legislature has rightly said fossil fuel power plants can’t get a second life in New York just for private industry gain, which would fly on the face of the state’s climate mandates.
Jeremy Cooney – a democrat representing the city of Rochester – also threw his two cents into the mix and stated that he wasn’t happy about the bill moving forward. He believes this is likely to set New York back several steps as blockchain and crypto have proven themselves to be two of the strongest new technological initiatives of the last ten years.
He said:
The message won’t be about the details… It’ll be about an emerging industry New York is saying no to. Every job matters for me in Rochester.
Not Everyone Is Happy
Perianne Boring – founder and president of the Chamber of Digital Commerce – agreed with Cooney and claimed that New York was likely making a huge mistake it would have a hard time recovering from. She commented:
This is a significant setback for the state and will stifle its future as a leader in technology and global financial services. Our sincere hope is that Governor Hochul will see the devastating effect this moratorium will have on New York and not sign this bill.
The bill is not yet law and is awaiting a signature from present New York governor Kathy Hochul. The crypto world is hoping she has enough sense and intelligence to say “no” and push her state in the right direction.
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