The fossil-fuel resurgence has triggered significant backlash putting New York on the verge of becoming the first state to institute a moratorium on Bitcoin mining.
Mining of Proof-of-Work has hit a major roadblock as New York lawmakers passed a bill that bans certain mining operations that rely on carbon-based power sources.calls for a two-year moratorium on certain cryptocurrency mining operations which use PoW authentication. If it passes, PoW-based mining companies won’t be allowed to expand their businesses for two years unless they switch to 100% renewable energy. These entities won’t be able to renew permits as well for the same period.
The bill was first passed by the state assembly in April. A month later, it garnered 36-27 approval from the members of the New York State Senate. According to those backing it, the main idea is to lower New York’s carbon footprint by cracking down on mining firms that use electricity from power plants that burn fossil fuels. The bill is now headed to New York Governor Kathy Hochul’s desk, who could sign or veto it.fresh restrictions on Bitcoin mining last year.
It was this resurgence that triggered a significant backlash from residents as well as environmental advocates that are worried about the network’s energy consumption.by the cryptocurrency players. Many believe that if it becomes a law, New York will lose out on the opportunities Bitcoin mining offers for economic growth and the proliferation of renewable energy. While others argue that the bill will set a precedent for states across the country, triggering a domino effect.
Interestingly, as New York passed a two-year moratorium on new Bitcoin mining facilities – elsewhere in Kenya, KenGen has announced plans that it is looking to provide its surplus geothermal energy to Bitcoin miners.
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