A brand new invoice has been launched within the New York State Senate that proposes to halt Bitcoin (BTC) mining for 3 years whereas researchers can be assessing its influence on the setting.
Senator Kevin Parker initially introduced his proposal, titled Senate Bill S6486, to the Environmental Conservation Committee on Monday.
Nonetheless, it attracted criticism from a number of quarters, notably from Bitcoin-friendly Miami mayor Francis Suarez (he has pushed for forward-thinking legal guidelines and rules for cryptocurrencies in current instances).
“That is one other step by NY within the unsuitable course. Miami can mine Bitcoin with clear nuclear vitality offered by InsideFPL. We need to be the crypto mining capital of the world and know it may be executed sustainably and incorporate photo voltaic,” he tweeted.
That is one other step by NY within the unsuitable course. @CityofMiami can mine #Bitcoin w clear nuclear vitality offered by @insideFPL….We need to be the crypto mining capital of the world and know it may be executed sustainably and incorporate photo voltaic. https://t.co/qk3qs1vpA7
— Mayor Francis Suarez (@FrancisSuarez) May 5, 2021
“Risk to New York’s local weather targets”
“Establishes a moratorium on the operation of cryptocurrency mining facilities; gives that operation of a cryptocurrency mining heart shall solely be licensed following completion of a full generic environmental influence assertion overview and a discovering that such heart won’t adversely have an effect on the state greenhouse fuel emission targets within the local weather management and neighborhood safety act of 2019,” mentioned the paperwork’ abstract.
After briefly explaining in broad phrases how mining works, the invoice then said that “cryptocurrency mining requires an unlimited quantity of electrical energy” and is “inherently energy-intensive.” Due to this, “cryptocurrency mining threatens not solely New York’s local weather targets, […] but additionally world vitality coverage, such because the Paris Settlement.”
“Research have discovered that one bitcoin transaction is equal to the carbon footprint of 735,121 Visa transactions; and as the usage of bitcoin will increase in recognition, the extra assets it calls for,” mentioned the doc.
A 3-year moratorium
To deal with these points, the invoice proposes to conduct an evaluation of the environmental influence of Bitcoin mining, which then can be introduced to most people to touch upon for 120 days. The policymakers additionally plan to carry not less than three public hearings in every of New York State’s seven areas.
In the meantime, the invoice proposed to halt all mining exercise within the state for 3 years simply in case.
“Cryptocurrency mining facilities are an increasing business within the State of New York, typically, however not solely, positioned in retired or transformed fossil gasoline energy stations, together with dormant peaker crops,” the invoice added.
As CryptoSlate reported, Bitcoin and different cryptocurrencies have been beneath fireplace these days because of the energy-intensive nature of mining—not less than in terms of proof-of-work consensus algorithms.
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