- A proposed cryptocurrency mining ban has moved on to a New York assembly vote
- The state would ban any expansions in proof-of-work mining for two years if passed
- The mining ban bill is another example of the methods now being adopted to stifle cryptocurrency growth
A bill that would halt the growth of cryptocurrency mining in New York state for two years has moved to a New York State Assembly vote having been passed by an environmental committee. Assembly Bill A7389C, put forward by the Environmental Conservation Committee of the New York State Assembly, would see environmental conservation laws amended to include the prohibition of further proof-of-work mining in the state for two years, citing the environmental damage done by the consensus mechanism as the reason. The bill has two further key hurdles to clear in order to get passed into law, but it is further evidence of new tactics being used by the anti-Bitcoin brigade.
Bill Faces Full Assembly and Senate Votes
The Environmental Conservation Committee bill, co-sponsored by assembly-people Donna Lupardo, Steven Englebright, Fred Thiele, Deborah Glick, calls for a two-year moratorium on proof-of-work mining and a demand that all future endeavors will be “subject to a full generic environmental impact statement review”.
The bill itself was put forward in May last year and has finally now been voted on, with the committee unsurprisingly voting to move it to the next stage – a full New York State Assembly vote later today. If that passes, the bill faces a State Senate vote followed by a signature from governor Kathy Hochul to be voted into law.
1/ A quick update on the state of play in NY…
The bill moved out of committee today, but it was a very close vote.
This signals our pressure and attention on the issue is working. What’s next?
— Blockchain Association (@BlockchainAssn) April 25, 2022
Crypto Mining Bans Gaining Traction
The de facto proof-of-work mining ban comes just a week after the EU Parliament narrowly voted down a similar proposal that would have disallowed the sale of cryptocurrencies that fell below environmental benchmarks, with proof-of-work coins like Bitcoin the obvious target.
Next month the state will be voting on whether to grant pollution permits to a power plant in upstate New York that provides electricity to Greenidge Generation Holdings Inc.’s crypto mining operation, which has been mining cryptocurrency on the side since 2020.