Home › New York bill to suspend crypto mining for 3 years gets more support

New York bill to suspend crypto mining for 3 years gets more support

March 4, 2022 By Charles Thuo

Two more Assembly Members, Ken Zebrowski, and Amy Paulin, of the New York State, have joined other 43 members to support the fossil fuel-powered proof-of-work (PoW) mining suspension bill A7389B for three years.

According to the bill, the New York Department of Environmental Conservation (NYSDEC) is required to assess the state’s crypto mining industry and determine its impact on air quality, water, and greenhouse gas emission.

Earlier on in February, the state’s representative, Anna Kelles, said that NYSDEC feedback will enlighten them on the measures to take, whether a complete mining ban or a mere suspension.

She added while proposing the legislation to the state legislature last May:

 “if that is what’s necessary to ensure that the industry does not prevent us from reaching our climate goals.” 

45 out of 100 Assembly members support the bill now

However, the bill has a long way to go with only 45 out of 150 Assembly members now ready to support it. According to law, a simple majority of the Assembly members are required to support the bill to be taken to the Governor for final approval.

Jumaane Williams, a gubernatorial candidate, while supporting the legislation aired his environmental concerns by saying that the mining operations will be harmful to the state economy.

Special computers are needed during PoW crypto mining to perform the mathematical equation as new blocks are being created on the blockchain. Currently, Bitcoin and Ethereum are the major users of the PoW consensus mechanism. However, Ethereum is expected to switch to proof-of-stake, this year, to avoid this power-consuming mining process.

For many years environmentalists have been talking about PoW mining in the environment. According to CoinShares, 0.08% of the world’s CO2 emission is a result of Bitcoin mining. Slush Pool Chief marketing officer, Kristian Csepcsar, told Cointelegraph on 14th February that the focus on green mining is the ‘’Market noise’’ when green energy is being produced in an opaque process.

Last October, the state businesses had asked Governor Kathy Hochul not to allow crypto miners to set up operations at defunct power plants so that the state climate goals will not fade away.