The passed bill in the New York Senate, which gained 36 votes against 27, has got approval. The bill was approved by the lower chamber in accordance with the law’s provision. The law now awaits the assent of Gov. Kathy Hochul within ten days.
The new law is going to place a moratorium period of two years before new permits can be issued to crypto miners. This is only applicable to miners who use carbon-based sources of fuel. Any other operation given permission after that would be subjected to environmental studies.
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The whole purpose is to reach the climate conditions that were set in the 2019 statute. Existing mining operations and those seeking permit renewal will not be affected by the ban.
The Debate Around Crypto Mining
The entire process of this new law was closely followed by all interested parties. Sustainability campaigners and crypto industry experts, especially, keenly observed the development. Each of the groups wondered what new phase the legislation would open.
If the Governor signs the bill, it would become one of the major restrictions against high energy usage. It would stand sharply against policies in places like Georgia and Texas. They are states that woo crypto firms with tax cuts and minimal restrictions.
New Your appeals to crypto miners because of its cost-effective hydroelectric power supply. Usually considered as a miners’ haven. In addition, companies are revamping old run on gas and coal for mining purposes.
But lawmakers and environmental activists have recently intensified their voices against Bitcoin mining. They say the state should not give permission to any mining activity for all faults they listed.
It Goes Way Higher
Lawmakers at the national level have equally lent their voices. Senator Elizabeth Warren (Dem) of Massachusetts raised issues over power usage. She also expressed her concerns over the impact mining Bitcoin could have on the environment.
In the meantime, New York Senator, Kirsten Gillibrand, is preparing a comprehensive bill. Republican Senator Cynthia Lummis from Wyoming is also planning to add an analysis relating to energy consumption. The analysis will include the overall impact of mining cryptocurrencies on the environment.
At a period when some countries and cities are making way for crypto to take root, laws are also emerging to control it. Crypto adoption is rising now more than ever before despite the market’s instability.