The New York State Legislature recently passed a bill that aims to freeze current levels of crypto mining (PoW) carbon emissions until New York State can act on the impact, and the bill is still under consideration by a New York State Senate committee.
According to TheBlock, the bill was passed with 95 votes in favor and 52 against. The purpose of the bill is to implement a two-year moratorium on proof-of-work (PoW) mining in crypto mining, by suspending the issuance of new licenses and renewal license applications. two years.
The main sponsor of the bill, also Democratic Congressman Anna Kelles, said that the goal of the bill is to ensure that New York State remains in compliance with the measures established by the New York Climate Leadership and Community Protection Act (CLCPA) passed in 2019.
Additionally, the bill requires the Department of Environmental Protection (DEC) to make environmental impact statements for all crypto mining operations in the state and expects the study to be completed within a year, allowing lawmakers to take appropriate action on the findings as time permits.
Lawmakers have allegedly pushed for months to temporarily halt the growth of cryptocurrency mining in New York state and conduct a full-scale study; members of Congress debated the bill for more than two hours on Tuesday alone.
However, Republican Congressman Robert Smullen sees the bill as just anti-tech legislation wrapped in an environmental protection law. Smullen said the legislation, if passed, would send the wrong signal to New York’s financial services department, which could lead to miners moving to other states and some job losses.
“We’re moving into a more cashless economy, and I think we should welcome these industries while finding ways to reduce emissions.”
Kelles went on to point to the Greenidge Generation Holdings power plant in Finger Lakes, a cryptocurrency mining business, that even though the power plant has made positive contributions in terms of tax revenue and job creation; There have been numerous reports of negative impacts from the plant in terms of sound, air, and water pollution.
“How many jobs are we creating because of this pollution, and how many jobs are we losing because of this? We should be talking about net job creation.”
Post time: May-11-2022