The New York State Senate passed a bill targeting Proof-of-Work mining
The New York State Senate has passed a bill targeting the mining of Proof-of-Work (PoW) coins in an attempt to address some of the environmental concerns surrounding the cryptocurrency industry chemical.
The PoW Prohibition Bill, which was passed by the New York State Assembly last month, would impose a two-year moratorium on any new PoW mining projects running on carbon-based energy, which has a negative impact on the environmental market, although existing Bitcoin miners are going through a license renewal process to continue operating.
On June 3, the New York State Senate became the next legislature to officially pass the bill, despite efforts to call on the tech world to speak out against a proposal from the Blockchain Association and influential figures in the market.
New York has long been seen as a go-to place for cryptocurrency miners due to its relatively cheap energy source. However, in recent years, most Bitcoin (BTC) mining farms have also replaced their coal power generation facilities to gradually shift to a renewable energy model. Take, for example, Greenidge Generation, a mining site that has refurbished its system to operate on natural gas.
In fact, most of the crypto industry community opposed the bill after its proposal was first introduced in May of last year, with many industry advocates calling it a complete ban on mining.
Clark Vaccaro, president, and chief strategy officer at industry trade organization BaSIC bluntly stated that the bill’s passage is a bad day for blockchain technology, effectively closing the door on innovation for the industry which is still very young.
Not only that, but New York-based miners have threatened to leave the state if the ban is passed to move to more mining-friendly states like Texas, which shows the severity of the problem event. However, the bill still needs to be signed by New York Governor Kathy Hochul before it can become official law.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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The New York State Senate passed a bill targeting Proof-of-Work mining
The New York State Senate has passed a bill targeting the mining of Proof-of-Work (PoW) coins in an attempt to address some of the environmental concerns surrounding the cryptocurrency industry chemical.
The PoW Prohibition Bill, which was passed by the New York State Assembly last month, would impose a two-year moratorium on any new PoW mining projects running on carbon-based energy, which has a negative impact on the environmental market, although existing Bitcoin miners are going through a license renewal process to continue operating.
On June 3, the New York State Senate became the next legislature to officially pass the bill, despite efforts to call on the tech world to speak out against a proposal from the Blockchain Association and influential figures in the market.
New York has long been seen as a go-to place for cryptocurrency miners due to its relatively cheap energy source. However, in recent years, most Bitcoin (BTC) mining farms have also replaced their coal power generation facilities to gradually shift to a renewable energy model. Take, for example, Greenidge Generation, a mining site that has refurbished its system to operate on natural gas.
In fact, most of the crypto industry community opposed the bill after its proposal was first introduced in May of last year, with many industry advocates calling it a complete ban on mining.
Clark Vaccaro, president, and chief strategy officer at industry trade organization BaSIC bluntly stated that the bill’s passage is a bad day for blockchain technology, effectively closing the door on innovation for the industry which is still very young.
Not only that, but New York-based miners have threatened to leave the state if the ban is passed to move to more mining-friendly states like Texas, which shows the severity of the problem event. However, the bill still needs to be signed by New York Governor Kathy Hochul before it can become official law.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
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