A New York State proposal to suspend fossil-fuel proof-of-work (PoW) mining for three years statewide has garnered support from two other Assembly members. Representatives Amy Paulin and Ken Zebrowski have joined 43 other co-sponsors of Bill A7389B.
In addition to the three-year suspension of mining at former fossil fuel power plants, the bill would require the New York State Department of Environmental Conservation (NYSDEC) to assess the state’s crypto mining industry. The assessment would determine the impact on water, air quality and greenhouse gas emissions.
@annakelles is touting a build of support in the assembly for her proposed bitcoin mining moratorium bill, where it stalled due to the union opposition. pic.twitter.com/YoRaN8r0sK
— Jimmy Jordan (@jmmy_jrdn) February 24, 2022
@annakelles is promoting a buildup of support in the assembly for her bitcoin mining moratorium bill, where it stalled due to union opposition.
New York State Representative Anna Kelles said in February that information from the NYSDEC assessment would help determine whether a total mining ban would be in order, “if that’s what’s necessary to ensure the industry doesn’t hold us back from achieving our climate goals.” The deputy proposed the legislation to the state legislature in May.
The bill would require a majority of assembly members to sponsor it to be sent to the governor for final approval as law. Currently, only 45 of the 150 members of the assembly sponsor the bill, so it still has some way to go before it enters into force.
The gubernatorial candidate Jumaane Williams has also expressed his support for the legislation due to environmental concerns and what he perceives to be the detrimental economic impact of mining operations.
Proof-of-work cryptocurrency mining requires the use of specially designed computers to perform the mathematical equations necessary to create new blocks on the blockchain. Bitcoin (BTC) and Ether (ETH) are the most popular PoW chains at present, but Ethereum is expected to switch to proof-of-stake (PoS) this year and eliminate the energy-intensive mining process.
The environmental impact of PoW mining has been a key talking point for environmentalists for years. However, CoinShares showed that only 0.08% of global CO2 emissions come from Bitcoin mining. Additionally, Slush Pool Marketing Director Kristian Csepcsar told Cointelegraph on Feb. 14 that much of the focus on green mining is “marketing noise” due to the opaque or dubious processes that can produce green energy.
Businesses in the state of New York asked Governor Kathy Hochul for permits to cryptocurrency miners to set up their operations in now-defunct power plants last October. They cited immense energy requirements, a growing e-waste problem and the state’s climate goals as reasons for rejecting the permits.
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