New York Bitcoin mining moratorium bill garners more support

Two more Assembly members have supported a New York State proposal to stop fossil fuel-powered proof of work mining for three consecutive years.

Members Amy Paulin, Ken Zebrowski and 43 others have signed on to bill A7389B.

The bill would also suspend mining at fossil fuel power stations for three years. It would also require the New York State Department of Environmental Conservation to evaluate the state’s crypto mining sector. This assessment would assess the state’s impact on water, air quality, and greenhouse gas emissions.

@annakelles boasts a build up of support in her proposed bill for a bitcoin mining moratorium. It was stalled because of opposition from the union.
Jimmy Jordan (@jmmy_jrdn), February 24, 2022

Anna Kelles, a New York State Representative, stated in February that information from the NYSDEC assessment would help to determine whether an outright ban on mining would be appropriate “if that’s what’s necessary” to ensure that the industry doesn’t hinder us reaching our climate goals.

To be passed to the Governor, it would need to be sponsored by a majority of the Assembly members. The bill is currently being sponsored by 45 of the 150 Assembly members, so there are still some steps to go before it becomes law.

Jumaane Williams, a Gubernatorial Candidat, has also supported the legislation due to environmental concerns as well as what he considers the negative economic impact of mining operations.

Proof-of-work (PoW), crypto mining, requires special computers to solve the mathematical equations required to create new blocks on a blockchain. Bitcoin (BTC), and Ethereum (ETH), are the most popular PoW chains. However, Ethereum will switch to proof-of–stake (PoS), and eliminate the energy-hungry mining process.

Since years, environmentalists have been talking about the environmental impact of PoW miners. CoinShares found that Bitcoin mining accounts for only 0.08% of global CO2 emissions. Kristian Csepcsar, chief marketing officer of Slush Pool, pointed out to Cointelegraph that much of the attention on green mining is “marketing junket” because of the opaque and dubious ways in which green energy is produced.

Related: Hyphen Climate-focused aims to hold companies responsible for eco-data reporting

New York state companies asked Kathy Hochul to deny crypto mining permits last October. The state’s climate goals and its enormous power requirements were reasons they refused to grant permits.