New York dilutes crypto mining ban proposal

New York Senators have diluted a proposal to ban crypto mining for three years. The bill is now focused solely on banning firms from using non-renewable sources like carbon-based fuel sources to power ‘proof-of-work crypto mining.

The bill doesn’t include any specific time frame. The reason for the amendment is to prevent the use of non-renewable sources of energy for mining and accommodate target sets in “Climate Leadership and Community Protection Act.” The Protection Act aims to reduce greenhouse gas emissions by 85% and achieve zero net emissions from all sectors of the economy by 2050.

If the bill is passed in the New York assembly, it will be put to Governor Andrew Cuomo to either approve or veto the proposed legislation. The bill, initially known as New York Senate Bill 6486A, sought to halt all crypto mining for three years to conduct environmental impact reviews in the tri-state area.

Related Stories:

Leave a Comment

Your email address will not be published. Required fields are marked *

Close Bitnami banner