New York State To Place Moratorium On Non-Renewable Bitcoin Mining
New York’s Senate just voted to place a two-year moratorium on the bitcoin mining industry preventing new applications and renewals for carbon-based mining.New York’s State Senate has passed a bill in a 36-27 vote placing a two-year moratorium on proof-of-work (PoW) cryptocurrency mining with fossil fuels, the method used for mining bitcoin. The moratorium placed by New York states: New applications will not be accepted, nor will new permits be issued “for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric....
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The state of New York passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon-based energy sources. The policy will place a two-year ban on proof-of-work (PoW) mining if the assembly bill is approved by New York governor Kathy Hochul.
New York PoW Mining Moratorium Legislation to Be Delivered to Governor Kathy Hochul’s Desk, Crypto Advocates Say the Bill Is a ‘Significant Setback for the State’
New York-based lawmakers have submitted a bill that aims to ban PoW mining operations that leverage....
Miners feel that the New York legislature’s efforts to get Bitcoin miners out of their state will backfire in the long run as other states invite miners to help improve their energy grid. Two Bitcoin miners have told Cointelegraph that if the bill banning Proof-of-Work mining for two years in New York becomes law, it would end up triggering an exodus of mining companies from the state and do little to address the intended goals of the moratorium.GEM Mining CEO John Warren told Cointelegraph on June 8 that he and other miners now view New York as an unfriendly place where they likely would....
The bill once, approved by Governor Kathy Hochul, would make New York the first state in the U.S to put a moratorium on crypto mining. The New York State Senate approved a controversial proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin (BTC) mining operations in the state.The PoW mining ban bill was first passed by the state assembly in April last month. It aims to prohibit any new mining operations in the state for the next two years. Now, the bill is headed for the governor’s office, which once approved, would make New York the first state in the United States to....
Currently, the pressure to suspend cryptocurrency and Bitcoin mining in the United States is gaining force in New York as the New York environmental agency evaluates the impact of crypto mining on the environment. On Monday, the New York state senate submitted a bill to enforce a 3-year pause on cryptocurrency mining across the state. […]
ESG-led Bitcoin mining is not only possible, but it’s ultimately the most responsible and prosperous way to show leadership in this growing industry. Is it possible to mine Bitcoin (BTC) using only 100% renewable energy sources and deliver the same economic returns as those using carbon-based sources? The answer is yes, according to Square’s recent analysis on the cost of renewables and their impact on Bitcoin mining.Unfortunately for our industry, the number of headlines and headline-making tweets about Bitcoin’s energy use and potential environmental impact has followed its rise in value....