Currently, the pressure to suspend cryptocurrency and bitcoin mining in the United States is gaining strength in New York as the New York Environment Agency assesses the impact of crypto mining on the environment.

On Monday, the New York State Senate introduced a bill to enforce a 3-year moratorium on cryptocurrency mining across the state. In their view, crypto mining should be suspended until the Fed discovers its effects on the environment and climate. Bill A7389B is sponsored by Senator Ken Zebrowski, Amy Pauline and 43 others.

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Over time, crypto mining has gained an increasing control over the huge carbon footprint associated with the use of electricity for 24/7 operation. According to a report by Digiconomist, the global mining footprint is about 53 megatons of CO2 per year, which is equivalent to Sweden’s annual carbon emissions.

Recently, the upper reaches of New York have become a hotbed of crypto mining activity and there is potential for additional crypto mines.

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What is the bill we are talking about?

The A7389B is the New York Senate’s Crypto Consensus Mechanism Activity, Proof-of-Work (PoW) Consensus Algorithm that offers users a break to mine crypto coins. The proposal states that the period of suspension should be three years.

Adding a 3-year break in bitcoin and crypto mining to previous fossil fuel power stations, the bill states that NYSDEC (New York State Department of Environmental Conservation) will examine the cryptocurrency mining industry within the state. According to the bill, this screening will assess the impact of crypto and bitcoin mining on air quality, water, and greenhouse gas production.

The New York Bitcoin Mining Moratorium Bill has received tremendous recognition
Bitcoin has fallen below $ 39,000 Source: BTC / USD price chart from Tradingview.com

A state representative, Anna Keles, explained last month that information obtained from the NYSEC would enable the agency to determine whether it would be appropriate to ban crypto mining.

The initial inspiration, he stressed, is that the state Senate is ensuring that the crypto industry does not prevent them from achieving their climate goals. Thus, he submitted the law to the New York Legislature in May 2021.

Bitcoin Mining and the New York Senate

At the same time, for the bill to become law, a significant number of members of the state legislature will vote on it. Currently, 45 of the 150 members are sponsoring the bill, so the bill is a long way to go. .

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In addition, official candidate Jumane Williams supported the law because of environmental concerns and what he sees as the deteriorating effects of crypto mining activities.

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PoW (proof-of-working) activities require the use of high-end computers with a focus on running high-end computing and solving the necessary cryptographic puzzles in the blockchain. Some of the well-known crypto projects that use PoW Mining include ETH and the world’s leading cryptocurrency – Bitcoin.

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