7.7 C
London
Saturday, May 8, 2021

New York bill proposes to ban crypto mining for 3 years for carbon reasons

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Crypto miners in New York City may be subject to a forced three-year hiatus if the latest environmental-focused bill passes in the state Senate.

New York Senate Bill 6486 was proposed by Democratic Senator Kevin S. Parker, chair of the Energy and Telecommunications Committee, and co-sponsored by Democratic Senator Rachel May, chair of the Committee on Aging and chairman of the legislative committee on rural resources. .

The bill has yet to receive widespread support from other senators, but Democrats control the lower house and the Senate.

The bill aims to “establish a moratorium on the operation of cryptocurrency mining centers,” in order to slow the environmental impacts of cryptocurrency mining backed by fossil fuels in particular.

READ  Chinese mining pool hash power crumbles amid regional blackouts

It also aims to enforce stricter regulations for mining centers, such as requiring an environmental impact review, which would prevent crypto mining if the facility does not meet New York targets. on climate change.

READ  Liquity Protocol attracts $ 1 billion from TVL in just 10 days

The bill was referred to the Environmental Conservation Committee on May 3 and purports to act in accordance with New York’s Climate Leadership and Community Protection Act, which bill states that:

“A single cryptocurrency transaction uses the same amount of energy that an average American household uses in a month, with an estimated level of global energy use equivalent to that of the Swedish country.”

“It is reasonable to believe that the associated greenhouse gas emissions will irreparably harm compliance with climate leadership and community protection law in violation of state law. »Adds the bill.

READ  Binance Crypto Exchange Launches Its Own NFT Platform

The Climate Leadership and Community Protection Act was passed in 2019 and set targets such as 70% renewable energy by 2030, 100% zero-emission electricity by 2040 and 22 million tonnes of carbon reduction through energy efficiency and electrification.

Crypto mining is already a hot topic in New York City, like the proposed expansion of the Greenbridge gas-fired Bitcoin factory on Seneca Lake. The factory is said to have planned to power up to 27,000 computers that will run 24/7 to mine Bitcoin.

READ  MakerDAO to expand collateral assets and upgrade liquidation engine

The environmental group Seneca Lake Guardian is outraged by the proposal and said in a call to action released on February 1 that: “Cuomo cannot lead climate change and support Bitcoin’s expansion on Seneca.”

READ  Crypto community remembers Hal Finney's contributions to blockchain on his 65th birthday

Speaking in response to potential Greenbridge crypto mining operations, Yvonne Taylor, vice president of the environmental group Seneca Lake Guardian, noted that:

“We are talking about burning more fossil fuels to make fake money amid climate change, which we consider to be insane.”

There are moves around the world to regulate crypto mining in light of carbon targets, and particularly in China, which accounts for around 65% of Bitcoin hash power worldwide.

On April 27, Beijing sent an “emergency notice” to conduct checks on data centers involved in crypto mining, the CCP reportedly decided to impose stricter oversight on crypto mining in the country, amid fears of not answering the annual plan question. “