Members of the New York State Assembly Environmental Protection Committee voted on Tuesday. bitcoin Approving the law on the temporary ban on mining of energy-intensive cryptocurrencies, such as mining, was approved by the entire parliament and the state senate, and Governor Kathy Hochul sent it for signature.
Bill Banning Bitcoin Mining Needs Two More Approvals To Pass
The parliamentary bill states, “Using the Proof of Work verification mechanism to verify blockchain transactions. cryptocurrency a temporary ban on mining operations”.
However, although the bill passed the vote of members of the New York State Assembly’s Environmental Protection Committee, it still needs to be voted on by the entire legislature and the state senate.
If the bill passes these votes, it will be sent to Governor Kathy Hochul for signature.
The Proof of Work verification mechanism used by cryptocurrencies such as Bitcoin and Ethereum has been criticized for its intense energy requirement.
However, Ethereum is expected to switch to a much less energy-consuming Proof of Stake mechanism in the near future.
Other altcoins that mine cryptocurrencies based on the Proof of Work mechanism include Dogecoin and Litecoin.
The vote came less than a week before the final decision on whether the state should issue a “pollution permit” to a power plant above New York that supplies electricity to Greenidge Generation Holdings Inc.’s crypto mining operation was due on March 31.
*Not investment advice.