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Home Tech Crypto New York bill proposes to ban crypto mining for 3 years over...

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

Document Analysis NLP IA

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Subjectivity0.46261498917749
probably it's an affirmation
Affirmation0.39473684210526

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Summary (IA Generated)

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

The bill seeks to “establish a moratorium on the operation of cryptocurrency mining centers,” to slow the environmental impacts of fossil-fuel-backed crypto mining in particular.

It also aims to enforce stricter regulations for mining centers, such as the requirement to undergo an environmental impact review, which would prevent crypto mining if the facility does not comply with New York’s climate change targets.

The Climate Leadership and Community Protection Act was target=”_blank” href=”https://climate.ny.gov/” rel=”noopener nofollow noreferrer”>passed in 2019 and set targets such as 70% renewable energy by 2030, 100% zero-emission electricity by 2040, and 22 million tons of carbon reduction through energy efficiency and electrification.

Crypto mining is already a hot topic in New York, such as the proposed expansion of Greenbridge’s gas-fired Bitcoin plant on Seneca Lake.

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Speaking in response to the Greenbridge’s potential crypto mining operations, Yvonne Taylor, Vice President of the Environmental Group Seneca Lake Guardian, noted that: .

There are moves around the world to regulate crypto mining in light of carbon targets, and especially in China which accounts for an estimated 65% of the world’s Bitcoin hashing power.


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