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May 5, 2022 11:20 pm

New York Closes In On Bitcoin Mining Crackdown

A New York bill that would ban new bitcoin mining operations is "swiftly making its way through the state capitol in Albany," reports CNBC. Some industry insiders fear that the bill, which calls for a two-year moratorium on certain cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions, could have a domino effect across the U.S. From the report: Lawmakers sponsoring the legislation say they are looking to curb the state's carbon footprint by cracking down on mines that use electricity from power plants that burn fossil fuels. For two years, unless a proof-of-work mining company uses 100% renewable energy, it would not be allowed to expand or renew permits, and new entrants would not be allowed to come online. [...] At this point, the State Assembly has passed the bill, and it is now under consideration by the Democratic-controlled State Senate, which will soon vote on the measure. If it passes, it will land on the desk of Governor Kathy Hochul, who could sign it into law or veto it. "If it passes, it would make New York the first state in the country to ban blockchain technology infrastructure," explained Perianne Boring, founder and president of the Digital Chamber of Commerce. "New York will be left behind, losing to other states at best, and at worst, other more progressive nations," says Galaxy Digital's Head of Mining Amanda Fabiano. "New York is setting a bad precedent that other states could follow."

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