Crypto miners in New York could face a three-year hiatus if the latest environmental bill is passed by the state Senate.
New York Senate Bill 6486 was proposed by Democratic Senator Kevin S. Parker, chairman of the Energy and Communications Commission, and supported by fellow Democratic Senator Rachel May, chairman of the Aging Commission and chairman of the Rural Resources Law Commission.
The bill has yet to receive widespread support from other senators, but Democrats control the House and Senate.
The bill aims to “ban the operation of cryptocurrency mining centers” in order, in particular, to reduce the environmental impact of cryptocurrencies supported by mining.
It also aims to introduce stricter regulations for mining centers, such as an environmental impact requirement that will prevent cryptocurrency transactions if the facility does not meet New York’s climate change goals.
The bill was submitted to the Committee on Environmental Protection on May 3 and claims to operate under New York’s Climate Leadership and Community Protection Act, which states:
“One cryptocurrency transaction uses the same amount of energy that the average American household uses per month, with an approximate global energy consumption equivalent to a Swedish country.”
“It is reasonable to believe that associated greenhouse gas emissions will irreparably harm the Climate Leadership and Community Protection Act, in violation of state law.” Adds an account.
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 savings through improved energy efficiency and energy efficiency.
Crypto mining is already a hot topic in New York, as is the proposed expansion of the Greenbridge gas bitcoin facility on Seneca Lake. The factory is reportedly planning to use 27,000 computers operating 24/7 to hack bitcoins.
Environmental group Seneca Lake Guardian is outraged by this proposal, stating in a call to action released on February 1 that “COMO cannot lead to climate change and supports the spread of bitcoin in Seneca.”
Yvonne Taylor, vice president of the Seneca Lake Guardian Environmental Group, said in response to potential cryptocurrency mining operations in Greenbridge:
“We’re talking about burning more fossil fuels to make fake money in the midst of climate change, which is crazy.”
There are movements around the world to regulate the cryptocurrency with its carbon targets in mind, especially in China, which is estimated to account for 65% of the world’s bitcoin hashpower.
On April 27, Beijing announced an “emergency call” to conduct audits of data centers involved in cryptocurrencies, as the CCP reportedly is about to impose stricter cryptocurrency oversight in the country, amid fears that climate-focused China “will not comply. “for five years. Make plans.”