New York State Capitol next week bitcoin and cryptocurrency It will vote on a law aimed at banning mining.
The bill, which was approved by the lower house in March, is receiving a great response from the cryptocurrency community.
Bill A7389C has drawn backlash from numerous associations and communities, including the New York Independent Power Producers, Blockchain Association, and other crypto lobbyists.
Reactions to New York’s Bitcoin and Cryptocurrency Mining Law Grows
If the bill passes, crypto mining operations using the Proof of Work verification mechanism will be temporarily banned.
As you know, Bitcoin and Ethereum It currently uses the Proof of Work mechanism.
One of the bill’s main focuses on crypto mining has been described as the economic impact of crypto mining, which requires heavy energy use.
Voting on the bill will begin at the parliamentary session on April 25.
However, the bill has faced massive opposition from unions, associations, and crypto communities.
New York Independent Energy Producers expressed their concerns about the bill’s ban on power supply-related business activities and permits for power plants.
In addition, crypto organizations such as the Blockchain Association have also launched campaigns to stop the ban on crypto mining by New York authorities.
Campaigners are urging people to demand that legislators reject the bill, as the bill poses a threat to business and innovation.
*Not investment advice.