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New York State, one of the most expensive states in the US, struggles to balance its budget, and the last thing it needs is a new industry to compete with other traditional mining industries, which could potentially lower their margins even further. (Bitcoin mining is an industry that is centered around the creation of new Bitcoin but is in fact not profitable, since the cost of mining new Bitcoin is always higher than the trading price of Bitcoin.)
In an unprecedented move, a New York lawmaker has proposed to halt operations at all crypto mines in the state for the next three years. Future of Mining The move comes as the result of a recently published report by the New York State Energy Research and Development Authority (NYSERDA) which claims that crypto mining is a “high-energy, resource-intensive process that is not fit for the economy or the environment.” The report explains that crypto mining “is a large, fixed cost and requires economies-of-scale to be viable.” It also claims that “the industry will need to become more energy efficient and to find the lowest cost electricity possible.”
American bureaucrats, especially Democrats, are concerned about climate change and have introduced numerous bills to address these problems. Now, a New York legislator wants to place a moratorium on bitcoin mining in the state, meaning New York cryptocurrency miners will have to cease operations. Senator Kevin Parker (D) believes that mining bitcoins has a negative impact on the environment and that companies must meet federal greenhouse gas emission targets to continue operating.
New York lawmakers propose mining cryptocurrencies for 3 years
Major media outlets and policymakers around the world are concerned about the environmental impact that mining bitcoin (BTC) or cryptocurrencies will have in the future. Bitcoin mining consumes a large amount of energy to enable miners to process blocks and maintain network security.
The number of bitcoin miners in the United States has increased in recent years, with several bitcoin mining companies in New York State. Government bureaucrats don’t like mining crypto currency because it’s energy intensive.
In a bill recently introduced in the New York Senate, titled Senate Bill 6486, Senators Kevin Parker and Rachel May (D) point out that crypto-currency mining poses a threat not only to New York’s climate goals, but also to global energy policies, such as the Paris Agreement.
New York State Senate Bill 6486 states:
This bill] establishes a moratorium on cryptocurrency mining centers; provides that a cryptocurrency mining center may only be operated after a comprehensive general environmental impact statement has been completed and it has been determined that the center will not adversely affect the state’s greenhouse gas emission goals under the Climate Leadership and Community Protection Act of 2019.
New York State Legislators are committed to preserving and protecting the state’s environment
The mining closure would include a three-year moratorium, and the environmental impact statement must be available for public comment within 120 days of its publication, the bill says. In addition, the New York State Department of Environmental Conservation will hold public hearings in each of the state’s seven regions.
The bill states that the main reason for the three-year moratorium on cryptocurrency mining is the threat that climate change may pose to New York’s environment.
The bill emphasizes flooding, sea level rise, heat waves, coastal erosion, unpredictable and unforeseeable weather patterns, shifting climate zones, wildlife extinctions, increases in harmful algal blooms and invasive species, and increased risk of disease, all issues that directly result in loss of life, property damage and loss of value, environmental damage, and increased infrastructure costs.
Democratic Senators Kevin Parker and Rachel May maintain that New York’s policies are designed to improve these issues and preserve and protect the state’s environment.
What do you think about the possible three-year moratorium on cryptocurrency mining in New York? Let us know what you think in the comments below.
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