News

New York State Assembly Passes Bill To Stop Cryptocurrency Mining Use Non-Renewable Power

The bill would impose a two-year ban on new cryptocurrency mining from using fossil energy sources and the use of proof-of-work authentication methods to validate blockchain transactions be subject to a full generic environmental impact statement review. The cryptocurrency mining process will be affected

Anna Kelles is an American Democratic Party politician who currently represents New York State Assembly District 125. The New York Assembly (NYS) passed a bill to block new crypto mining facilities using non-renewable energy sources from setting up shop in the Empire state.

Assembly bill A7389C, sponsored by Democrat Anna Kelles, will impose a two-year moratorium on new crypto mining firms that use a carbon-based energy source. A corresponding bill is working its way through the state Senate.

Assembly bill A7389C Summary

Assemblymember Dr. Anna Kelles defended the bill on Twitter, stating: “My bill would not restrict anyone’s ability to buy, sell, invest, or use cryptocurrencies in New York State nor would it impact in any way anyone’s ability to do cryptocurrency mining as long as they’re not buying a fossil-fuel power plant to do it. ”

Assemblymember Dr. Anna Kelles

However, crypto lobbying groups like the Blockchain Association are concerned that the new bill could force crypto workers to move to other states with more environmentally friendly scrutiny. The crypto industry mounted fierce opposition to the bill, warning it might lead to miners relocating, impacting jobs or the U.S.’s “geopolitical interests.”

The concern is being raised that this bill marks the beginning of a broader clampdown on cryptocurrency mining in the state. The two-year mining ban sends a really bad message to the Blockchain industry, crypto companies, to Web 3 companies, that New York is saying, “You’re not welcome here”.

Another provision would prohibit the renewal of existing permits for similar facilities if renewal applicants seek to develop their own. The bill’s passage hinges on the results of an environmental study that could potentially hinder progress on climate goals to reduce greenhouse gas emissions by 95% by 2050.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Victor

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

34 mins ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

4 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

6 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

6 hours ago

This website uses cookies.