The push to suspend cryptocurrency and bitcoin mining in the US is gaining strong support in New York, as the New York Environmental Agency is assessing the environmental impact of cryptocurrency mining.
On Monday, the New York State Senate introduced a bill to impose a 3-year moratorium on cryptocurrency mining statewide.
Council members are of the opinion that crypto mining should be put on hold until the feds discover its impact on the environment and climate.
Bill A7389B was introduced by Senators Ken Zibrowski, Amy Boleyn and 43 other members.
In the last period, mining has been increasingly regulating the massive carbon footprint associated with the energy consumption of operations 24 hours a day on a weekly basis. A Digiconomist report puts the global mining footprint at around 53 megatonnes of carbon dioxide per year, the same as Sweden’s annual carbon emissions.
Recently, the upper reaches of New York have become a hot spot for cryptocurrency mining activities, and additional mining farms are likely in the works.
What is Bill A7389B?
A7389B is a New York Senate proposal to temporarily disable the crypto consensus mechanism, a proof-of-work (PoW) consensus algorithm that requires users to mine cryptocurrencies. The proposal stipulated that the suspension should be extended for a period of three years.
In addition to a 3-year moratorium on bitcoin and cryptocurrency mining at former fossil fuel power plants, the bill says that NYSDEC will examine the crypto mining industry within the state.
According to the bill, this examination will assess the impact of cryptocurrency and bitcoin mining on air and water quality and greenhouse gas production.
State Commissioner Anna Kellis said last month that information obtained from NYSEC would allow the agency to determine whether it would be appropriate to ban cryptocurrency mining.
Kellys emphasized that the main motivation is for the Senate to ensure that the crypto industry does not prevent them from achieving their climate goals. This prompted House members to introduce the legislation to the New York legislature in May 2021.
Senate and Bitcoin mining
However, for this bill to become law, the largest segment of the state assembly would have to vote for it. Of the 150 members, 45 are sponsoring the bill, so the bill still has a long way to go.
Additionally, government candidate Juman Williams supported the legislation due to environmental concerns and what he sees as the “decaying impact of crypto mining activities.”
It is worth noting that PoW requires the use of high-end computers focused on performing sophisticated calculations and solving the cryptocurrency puzzles required on the blockchain. Some of the most well-known cryptocurrency projects using proof-of-work mining include Ethereum and Bitcoin, the world’s leading cryptocurrency.