New York may ban mining for 3 years

The chairman of the Energy Committee, Democratic Senator Kevin Parker, introduced a bill to ban cryptocurrency mining for 3 years due to the "environmental threat".

Naturally, we are not yet talking about a real ban, since the bill has a long bureaucratic path to the Senate. However, this “innovation” certainly worried those whose mining farms are located in the state of New York.

In addition to the obvious harm to the environment and "carbon emissions", the bill also includes a set of strict rules formed specifically for mining centers. One of the points was a mandatory check for the negative impact of farms on the climate. For this reason, the work of the center may, if not completely shut down, then at least temporarily "freeze" if the facility is not comparable with the state's plan to reduce the negative impact on the climate. The researchers also highlighted that one Bitcoin transaction equals the carbon footprint of over 735,000 Visa transactions. And the more popular Bitcoin becomes, the more destructive its impact on nature will be.

According to the current plan of New York by 2030, its representatives intend to create up to 70% of "green energy generators" and 100% of electricity with zero carbon emissions by 2040. This document on "climate leadership" was formulated back in 2019 and involves reducing emissions by 22 million tons.

The bill will especially affect Greenidge Generation, which is actively mining Bitcoin through a hybrid power plant. To this end, they intend to connect a total of over 27,000 computers operating 24/7.

One of those most concerned about New York's climate and the first to back the bill was the Seneca Lake Guardian eco-group. Its representatives said it was insane to spend huge amounts of fuel to make “counterfeit money”. But the opponents of the bill did not sit in silence either. For example, the Mayor of Miami, who recently spoke positively about cryptocurrencies, said that the New York plan was a responsible step, but in the wrong direction. In addition to this, he clarified that Miami intends to mine BTC using clean nuclear power, which will be supplied by InsideFPL.

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