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New York Passes Bill To Ban Proof-Of-Work Crypto Mining

The New York State Assembly has handed a invoice that might ban all new proof-of-work (PoW) cryptocurrency mining for 2 years. The invoice was sponsored by Anna Kelles and will likely be introduced to the State Senate for remaining passing into regulation by Governor Hochul.

The invoice solely imposes a two-year maintain for the approval of any new Bitcoin mine that makes use of the energy-intensive PoW mining methodology. Additionally, it should additionally cease the renewal of permits on present PoW crypto miners utilizing carbon-sourced vitality. This is particularly in opposition to these trying to enhance the quantity of electrical energy they devour for mining.

The Bill Receives An Overwhelming Support

The invoice has additionally acquired the vast majority of the help from the State Assembly, with 95 in favor and 52 in opposition to. It will likely be handed into regulation by the governor after a profitable vote within the State Senate.

However, most Republican lawmakers are in opposition to the invoice, as they argued that it may ship the mistaken sign.

The invoice will even activity the Department of Environmental Conservation (DEC) to conduct a General Environmental Impact Statement on all cryptocurrency mining actions in New York.

The research is anticipated to full inside a 12 months to give the lawmakers sufficient time to deliberate on the findings earlier than the moratorium’s expiration.

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An Earlier Bill Proposed a Three-year Ban

For a number of months, regulators within the state have been pushing for a suspension of the expansion of crypto mining to give room for extra elaborate analysis. The first model of the invoice proposed a three-year ban on a wider scope of mines. But the invoice was dismissed in June 2021.

However, after a sequence of changes had been made to the brand new invoice, it acquired the node of a number of lawmakers. Although the invoice has not been voted on and accredited, the vast majority of lawmakers giving it consent means it has the next likelihood of being handed into regulation this time.

On Tuesday, members of the Assembly debated the invoice for greater than two hours. Kelles, whereas defending some clauses within the invoice, acknowledged that it’s going to solely apply to a number of fossil-fuel energy vegetation.

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