A New York bill proposes a three-year moratorium on cryptocurrency mining due to environmental issues.

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On May 3, a bill to “pause” crypto mining in New York for three years was referred to the state’s Environmental Conservation committee.

If the next environmentally-focused bill passes the state senate, crypto miners in New York will be required to take a three-year break.

The New York Senate Bill 6486 was proposed by Democrat senator Kevin S. Parker, the Chairman of Committee on Energy and Telecommunications, and co-sponsored by fellow Democrat senator Rachel May, the Chair of Committee on Aging, Chair of Legislative Commission on Rural Resources.

The bill is yet to gain universal support from other lawmakers, but Democrats dominate both the lower house and the senate.

The bill aims to “impose a moratorium on the operation of cryptocurrency mining centres” in order to mitigate the environmental effects of fossil-fuel-powered crypto mining in particular.

It also intends to impose tougher rules on mining facilities, such as the need to conduct an environmental impact assessment, which would prohibit crypto mining if the facility did not meet New York’s climate change goals.

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The Bill was referred to the Environmental Conservation Committee on May 3 and claims to be acting in accordance with New York’s “Climate Leadership and Community Protection Act,” with that bill stating that:

“A single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month, with an estimated level of global energy usage equivalent to that of the country of Swede.”

“It is reasonable to believe the associated greenhouse gas emissions will irreparably harm compliance with the Climate Leadership and Community Protection Act in contravention of state law. ” the bill adds.

The Climate Leadership and Community Protection Act was passed in 2019 and set targets such as 70% renewable energy by 2030, 100% zero-emission electricity by 2040, and 22 million tons of carbon reduction through energy efficiency and electrification.

The bill is yet to gain universal support from other lawmakers, but Democrats dominate both the lower house and the senate.

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The bill aims to “impose a moratorium on the operation of cryptocurrency mining centres” in order to mitigate the environmental effects of fossil-fuel-powered crypto mining in particular.

It also intends to impose tougher rules on mining facilities, such as the need to conduct an environmental impact assessment, which would prohibit crypto mining if the facility did not meet New York’s climate change goals.

“We’re talking about burning more fossil fuels to make fake money in the middle of climate change, which we view as insane.”

There are moves around the world to regulate crypto mining in light of carbon targets, and especially in China which accounts for an estimated 65% of the world’s Bitcoin hashing power.

On April 27, Beijing issued a “emergency notice” to perform checks on crypto mining data centres, with the CCP reportedly seeking to enforce tighter oversight on crypto mining in the country, despite worries about failing to fulfil China’s climate change-focused “five-year plan.”

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