New York State Senate passes Bitcoin mining moratorium

 

The New York State Senate approved a controversial proof-of-work (PoW) mining ban invoice that might prohibit any new Bitcoin (BTC) mining operations within the state.

The PoW mining ban invoice was first handed by the state meeting in April final month. It goals to ban any new mining operations within the state for the subsequent two years. Now, the invoice is headed for the governor’s workplace, which as soon as authorised, would make New York the primary state within the United States to position a moratorium on cryptocurrency mining.

Status of the invoice as of June 3. Source: New York State Senate

PoW mining consensus is predominantly utilized by Bitcoin miners and is taken into account one of many most secure and most decentralized methods of mining. However, the observe is controversial because it requires an extremely excessive quantity of vitality.

The vote on the invoice noticed many senators flip from undecided to in favor, claiming they’re involved about carbon emissions.

The invoice wouldn’t solely prohibit new mining operations but in addition refuse the renewal of licenses to those that are already working within the state. Any new PoW mining operation within the state might solely function if it makes use of 100% renewable vitality.

Bitcoin’s mining consensus mechanism has been one of many hottest subjects of debate amongst policymakers aided by environmentalist and billionaire lobbies supporting proof-of-stake mining consensus, which is much much less vitality intensive. Greenpeace, in addition to Ripple co-founder Chris Larsen have been campaigning for a change of the Bitcoin code.

Policymakers usually solely deal with the excessive vitality consumption by Bitcoin miners, ignoring the truth that a big chunk of this vitality comes from renewable sources, particularly in New York the place 50% of the vitality is produced from renewable sources.

Related: NY State Supreme Court dismisses petition in opposition to crypto mining firm

Criticism of PoW mining gained steam final 12 months on the peak of the bull run. However, by the top of the final 12 months, a MicroStrategy-led Bitcoin mining council report highlighted that greater than 60% of the electrical energy consumption by the BTC community comes from clear sources.

Sustainable vitality utilization by Bitcoin vs different industries. Source: BMC

The European Parliament proposed the same PoW mining ban, nonetheless, it amended the proposal to take away the ban amid rising public scrutiny.

Experts imagine New York’s resolution to ban PoW mining would create a domino impact and different states would possibly comply with. The U.S is at the moment the world chief in Bitcoin mining hash price, accounting for 38% of the community’s mining energy.

 


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