Bitcoin Mining Community in New York Awaits Outcome of State Senate Bill Banning Mining Operations Running on Carbon-Based Power Sources
Jun 10, 2022
- Governor Kathy Hochul could change the fate of bitcoin mining in New York by vetoing the bill
- The bitcoin mining community anticipates a domino effect that could span the entire country if this bill passes
- The bill comes in the wake of the Climate Leadership and Community Protection Act requiring New York’s greenhouse gas emissions to be cut by 85% by 2050
Last week, New York’s lawmakers passed a bill that bans specific bitcoin mining operations running on carbon-based power sources. The bill, which originally passed the State Assembly in late April before heading to the State Senate, calls for a two-year moratorium on certain mining operations using proof-of-work authentication methods to validate blockchain transactions. Proof-of-work mining requires specialized gear and massive amounts of electricity to mine bitcoin. Ethereum has publicly announced efforts to switch to a less energy-intensive process but will need to continue using the same method for at least a few more months.
Those lawmakers backing the legislation want to curb New York’s carbon footprint by cracking down on the miners using electricity from power plants burning fossil fuels. For two years, unless a proof-of-work…
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