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New York Passes Bill Proposing a Ban On Carbon-Based Crypto Mining

New York Senators have passed a bill that prohibits the use of carbon power sources to mine cryptocurrencies. CNBC reported this development, noting that the Senators voted in Albany earlier today. The bill passed after some undecided Senators voted in its favor.

The bill passed the state assembly in April. Its next stop is Governor Kathy Hochul’s desk. Hochul can either pass the bill into law or veto it. Should Hochul sign the bill, New York will become the first state to ban blockchain infrastructure technology.

Specifically, the bill proposes introducing a two-year ban on Proof-of-Work (PoW) crypto mining. Legislators supporting the bill aim to cut New York’s carbon footprint. Through this bill, New York aims to achieve the goals under the Climate Leadership and Community Protection Act. The act needs the state to cut carbon emissions by 85% by 2050.

The only exception is PoW mining firms that use 100% renewable energy. Such companies will get a window to renew their permits. New entrants failing to meet this requirement cannot set up shop in the state.

The other US States Might Follow Suit

Perianne Boring, the founder, and president of the Chamber of Digital Commerce believes the signing of this bill might trigger a chain reaction across the US. New York is a leader in state regulation. As such, Boring believes the passing of this bill might prompt other states to do the same.

Boring added,

This is a significant setback for the state and will stifle its future as a leader in technology and global financial services. More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State.

She added that PoW mining has the potential to lead the global transition to greener energy. Boring further noted that PoW mining is leading regarding complying with the Climate Leadership and Community Protection Act.

Some States Believe In The Transformative Power Of PoW Mining

However, not all US states have a negative outlook on BTC mining. Georgia, Texas, and Kentucky are the biggest Bitcoin (BTC) mining jurisdictions in the US. However, it is worth noting that these states have plenty of renewable energy. 

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Texas is more focused on becoming a BTC mining hub, hoping to stabilize its grid. Earlier this year, Texas Governor Greg Abbott invited crypto miners to Texas. With crypto mining demanding a lot of electricity, power providers would have to establish more power plants to meet the demand. This would, in turn, fortify the electrical grid.

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