Green bitcoin, new fad in New York? – The New York State Senate amended its bill to suspend cryptocurrency mining for 3 years. The revised version was adopted, with a focus on minors who refuse to use green energy.
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Revision, adoption, targeted ban on crypto mining
On June 8, the New York State Senate passed the bill 6486B aiming at y prohibit mining of cryptocurrencies using carbon energies. Green mining is therefore not affected by this provision. As a reminder, the original bill 6486A, which was therefore revised, targeted all farms mining without exception. He justified a general interruption of 3 years, advancing the need to carry out environmental impact studies mining in the state.
In addition, Bill 6486B has put an end to this interruption duration of 3 years. It only provides for a interdiction for the new mining projects using fossil fuels and stop development of the fleet of supercomputers polluting mining facilities already in operation.
The revised bill calls on mining companies to documentation describing energy production, carbon footprint, and type of fuel used.
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Greenidge partially sheltered from the green storm
Bill 6486B has been forwarded to the State Assembly. If the latter adopts it, it will then be handed over to the governor. Andrew Cuomo, who will either have to approve it or veto it. The governor had indicated on June 7 that he did not know details of the proposed ban. He stated that there was “Serious concerns” environmental concerns regarding the mining industry and that “Examine the legislation”.
An implementation of this law would not therefore prevent the local miner Greenidge to continue its current mining activities. He puts, on the other hand, in peril his projects projects that would aim to increase the chopping power of his mining farm, while continuing to use carbon energy.
In addition, the approval of the expansion of the Greenidge power plant located on the shores of Seneca Lake, which uses fossil fuels to power Bitcoin mining (BTC), has already made residents cringe. from New York.
Thus, Greenidge proposed tobuy carbon offset credits from June 1 in order to offset its polluting emissions. This watered down solution, feeling full of the green washing, did not soften the opposition of the environmental organization Seneca Lake Guardian.
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While bitcoin mining is losing ground in China to the benefit of the United States, New York State is therefore trying to find a balance between preserving its mining industry and protecting Mother Nature.
