New York Will Become the 1st Statue to Ban Crypto Mining?

New York Will Become the 1st Statue to Ban Crypto Mining?

On Monday, April 25th, members of the New York State Assembly will vote on a measure that would prohibit all crypto-mining activity in the state.

The bill, A7389C, proposes to amend the State of New York’s environmental conservation law “in relation to establishing a moratorium on cryptocurrency mining operations that use proof-of-work authentication to validate blockchain transactions and to require a comprehensive generic environmental impact statement review.”

The legislation goes on to say the following concerning crypto mining’s alleged terrible environmental impact.

“Block chain technology is an innovative technology that allows for the recording and efficient transfer of information. The information in each environmental issue as well as a social justice issue. We must not go backwards on our commitment, in law, to prevent these disastrous impacts to the residents of New York.”

If the bill is passed, New York will be the first state in the United States to ban crypto mining.

At the time of writing, the Bitcoin Advocacy Project is running an online public campaign, encouraging the crypto community to contact their local representative and explain why they oppose the bill. The advocacy organization fears that prohibiting crypto mining in New York might create a precedent for other states in the United States to follow suit.

“If this bill becomes law, New York will be forfeiting the unique opportunities Bitcoin mining provides for economic growth and the proliferation of renewable energy. This could set a precedent for states across the country to make the same mistake. Not only would this policy box New York out of the economic benefits of mining, but it won’t do anything to reduce emissions as miners will simply set up operations somewhere else.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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