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The New York bill proposes banning digital currency mining for 3 years because of carbon concerns

Digital currency miners in New York may be subject to a three-year forced break if the latest environmental-focused bill is passed in the state Senate.

New York Senate Bill 6486 was moved by Democratic Sen. Kevin S. Parker, chair of the Energy and Telecommunications Committee, and co-sponsored by Democratic Sen. Rachel May, chair of the Committee on Aging. , president of the Legislative Commission of Rural Resources. .

The bill has not yet received widespread support from other senators, however, Democrats control the lower house and the Senate.

The bill seeks to “establish a moratorium on the operation of digital currency mining centers,” to curb the environmental impacts of digital currency mining backed by fossil fuels in particular.

It also aims to enforce stricter regulations for mining centers, such as the requirement to undergo an environmental impact review, which would prevent cryptographic mining if the facility does not meet New York’s climate change goals.

The bill was referred to the Environmental Conservation Committee on May 3 and claims to be acting in accordance with New York’s “Climate Leadership and Community Protection Act,” and this bill states that:

“A single digital currency transaction uses the same amount of energy that an average American household uses in a month, with an estimated level of global energy use equivalent to that of a Swedish country.”

“It is reasonable to believe that the associated greenhouse gas emissions will irreparably damage compliance with the Climate Leadership and Community Protection Act in violation of state law.” The bill adds.

The Climate Leadership and Community Protection Act was passed in 2019 and set targets such as 70% renewable energy by 2030, 100% zero-emission electricity by 2040 and 22 million tonnes of carbon reduction through the energy efficiency and electrification.

Digital currency mining is already a hot topic in New York, as is the proposed expansion of the Bitcoin gas plant from Greenbridge to Seneca Lake. According to reports, the plant has plans to power up to 27,000 computers that will run 24 hours a day, 7 days a week to extract Bitcoin.

The Seneca Lake Guardian Environmental Group is outraged by the proposal and stated in a call to action published on February 1 that: “Cuomo cannot lead climate change and support the expansion of Bitcoin in Seneca.”

Speaking in response to possible Greenbridge digital currency mining operations, Yvonne Taylor, vice president of the Seneca Lake Guardian Environmental Group, noted that:

“We’re talking about burning more fossil fuels to make fake money in the midst of climate change, which we consider crazy.”

There are movements around the world to regulate digital currency mining in light of carbon targets, and especially in China, which accounts for approximately 65% ​​of Bitcoin’s global hash power.

On April 27, Beijing sent an “emergency warning” to conduct checks on data centers involved in digital currency mining, and the PCX allegedly moved to impose stricter supervision on currency mining. digital in the nation, amid concerns of failing to meet China’s five goals focused on climate change. -Year plan. «

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