Tomorrow is the day. The assemblya kind of House of Representatives, of the American state of New York is going to vote on a bill that may mines van bitcoin (BTC) and others proof-of-work cryptos will be banned. The effect that crypto mining has on the climate would underlie the bill.
Proof-of-work mining zoals Bitcoin
The bill, called A7389Caims to amend the New York State Environmental Protection Act “with regard to imposing a moratorium on cryptocurrency mining activities using proof-of-workauthentication to validate blockchain transactions. †
It’s no secret, of course, that it mines of such cryptocurrencies takes a large amount of energy. Today this is a thorny issue for many governments and regulators who are trying to take measures against the skyrocketing climate change.
“Blockchain technology is an innovative technology that makes it possible to record and transfer information efficiently. The information in any environmental issue, but also a matter of social justice. We must not go back on our promise, in law, to prevent these catastrophic consequences for the people of New York.”
Bitcoin ban in New York
It is still far from certain that the ban will actually come into effect, but this could potentially set a precedent for other US states. New York is obviously one of the most important and influential states in the US and other states may be able to follow New York’s lead.
Residents of the US state have been trying to oppose the possible law for some time. For example, there was a petition launched a campaign to reject the law. If the law is actually passed, New York will voluntarily waive a lot of great opportunities to greatly expand the economy, the petition says.
“If this law is passed, New York will forfeit the unique opportunities Bitcoin mining offers for economic expansion and the diffusion of renewable energy. This could set a precedent for states across the country to make the same mistake.
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