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 carbon-based energy sources. Assembly Bill A7389C was authored and sponsored by New York State Assemblywoman Anna Kelles. The Democratic Party politician from Assembly district 125 said in an interview she needed to do something because she felt “the environment kind of crumbling around” her. Kelles further remarked that it stressed her so much while laying in bed and she was “not able to fall asleep.”
Democratic New York State Assemblywoman Anna Kelles is the author of Assembly Bill A7389C and the chief sponsor.
In recent years, New York has implemented aggressive climate goals and the state has plans to cut carbon emissions by 85% by the year 2050. Assembly Bill A7389C does not discuss how bitcoin mining can improve renewable energy demand or how it can reduce emissions. An ESG study published in May shows that bitcoin mining has the potential to eliminate 0.15% of global warming by 2045. Moreover, Bitcoin’s network emissions only account for 0.08% of the world’s CO2. Further, Assembly Bill A7389C does not discuss the carbon and military violence associated with the U.S. dollar’s proof-of-work algorithm.
Assembly Bill A7389C has been passed by the New York Assembly and by the Senate, and the bill will soon be delivered to the Democratic New York governor Kathy Hochul. If Hochul signs the bill, the moratorium on specific types of cryptocurrency mining operations will begin. A report…
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