New York to Vote on Crypto Mining Bill, Could Become the First US State to Ban Bitcoin Mining

Fast take:

• The New York State Meeting is scheduled to vote on a proposed ban on crypto mining actions within the state
• The vote shall be carried out on Monday, April twenty fifth
• If profitable, the Invoice proposed below quantity A7389C will make New York the primary state to ban proof-of-work networks similar to these of Bitcoin and Ethereum
• The Bitcoin Advocacy Group is requesting the crypto group in New York to oppose the invoice

The State of New York is as soon as once more on the cusp of banning crypto mining actions of proof-of-work networks similar to Bitcoin and Ethereum. Members of the New York State Meeting are scheduled on Monday, April twenty fifth, to vote on a invoice that proposes banning all crypto-mining actions within the state.

The invoice, filed below number A7389C, plans to amend the environmental conservation regulation of the State of New York ‘in relation to establishing a moratorium on cryptocurrency mining operations that use proof-of-work authentication to validate blockchain transactions and to require a complete generic environmental affect assertion assessment.’

By way of justification, the invoice states the next in regards to the alleged disastrous environmental affect of crypto mining.

Block chain expertise is an modern expertise that permits for the recording and environment friendly switch of data. The data in every environmental problem in addition to a social justice problem. We should not go backwards on our dedication, in regulation, to forestall these disastrous impacts to the residents of New York.

NY State Banning Crypto Mining May Set a Precedent for Different States

If handed, New York will turn out to be the primary US state to ban crypto mining.

On the time of writing, there’s an online public marketing campaign by the Bitcoin Advocacy Undertaking asking the crypto group in New York to contact their native consultant and clarify why they’re towards the invoice. The advocacy group warns that banning crypto mining in New York may set precedent for different US states to do the identical. They go on to summarizes the marketing campaign as follows:

If this invoice turns into regulation, New York shall be forfeiting the distinctive alternatives Bitcoin mining offers for financial progress and the proliferation of renewable power. This might set a precedent for states throughout the nation to make the identical mistake. Not solely would this coverage field New York out of the financial advantages of mining, nevertheless it gained’t do something to cut back emissions as miners will merely arrange operations some other place.

New York’s Mayor Has Been Recognized to be Bitcoin and Crypto-Pleasant

The actions of the New York State Meeting are in contradiction to these of NYC’s mayor, Eric Adams, who made headlines for being crypto-friendly notably throughout his marketing campaign late final yr. In a November 2021 Tweet, Mayor Adams pledged to obtain his first three paychecks in Bitcoin when he grew to become mayor.

In New York we all the time go large, so I’m going to take my first THREE paychecks in Bitcoin once I turn out to be mayor. NYC goes to be the middle of the cryptocurrency business and different fast-growing, modern industries! Simply wait!

— Eric Adams (@ericadamsfornyc) November 4, 2021