Clear. 57.9   F New York
AI-Powered News Summarizer
Cryptocurrency

New York bill proposes to ban crypto mining for 3 years over carbon concerns

May 5, 2021. Summarized by summa-bot.

Compression ratio: 45.6%. 1 min read.

New York-based crypto miners may need to brace themselves for a three ‘pause’ and stricter regulations if Bill 6486 passes.

Crypto miners in New York may be subject to a forced three-year hiatus if the latest environmentally-focused bill passes in the state senate.

The bill seeks to “establish a moratorium on the operation of cryptocurrency mining centers,” to slow the environmental impacts of fossil-fuel-backed crypto mining in particular.

It also aims to enforce stricter regulations for mining centers, such as the requirement to undergo an environmental impact review, which would prevent crypto mining if the facility does not comply with New York’s climate change targets.

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:

Crypto mining is already a hot topic in New York, such as the proposed expansion of Greenbridge’s gas-fired Bitcoin plant on Seneca Lake.

The Environmental Group Seneca Lake Guardian are outraged with the proposal, and stated in a call to action published on Feb. 1 that: “Cuomo can’t lead on climate change, and support Bitcoin expansion on Seneca. ”

On April 27 Beijing sent an “emergency notice” to conduct checks on data centers involved in crypto mining, with the CCP reportedly moving to impose stricter supervision on crypto mining in the nation, amid concerns of failing to meet China’s climate change-focused “five-year plan. ”

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.

Suggestions