The New York Senate has passed a bill that would ban new proof-of-work (PoW) crypto mining operations in the state.
New York Senate, Friday, June 3 early hours proof of work (PoW) mining an aiming bill Confirmed. from the Senate 36-27 vote majority with the draft law, Governor Kathy HochulIt will go for approval.
by the State Assembly April The bill, passed in May, would allow any new carbon-based fuel-powered PoW mining venture in New York City. a two-year moratorium will bring.
Lawmakers who support the law have collapsed mines that use fossil fuel-burning power stations. government wants to reduce its carbon footprint they say. If the bill is passed, a proof-of-work mining company will not be allowed to expand or renew its permits and new businesses online unless it uses 100% renewable energy for two years.
Democrat supporter of the law, Senator Kevin Parker‘according to, only one facility currently in operation and unaffected by the law exists. Parker also noted that a pending application may be suspended until investigation is complete.
Founder and President of the Digital Chamber of CommerceI Perianne BoringAccording to Governor Hochul if New York signs the bill, first state in the country to ban blockchain technology infrastructure will be. Boring said the bill would cause businesses to relocate their operations to other regions, and New York’s economy will weaken told.
from Galaxy Digital Amando Fabiano if “New York sets a bad precedent that other states can follow.” used the phrases.
Industry leaders are currently at the forefront of the global Bitcoin mining industry and 38%forming the USA across a domino effect He says it might.
New York, for a long time low cost of hydropower because of Bitcoin and crypto mining companies to continue its activities in a preferred region exists. If the draft law comes into force, the activities of mining companies, Texas to more mining-friendly states such as to carry Waiting.
On the other hand, the Biden administration bitcoin (BTC) and alternative cryptocurrency It is said that mining is in preparation of a policy to reduce its energy consumption and carbon footprint.
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