UPDATE: New York Bitcoin ban bill fails to pass

Category: Blockchain Crypto

The bill presented by Senator Parker to ban cypto mining in state New York due to environmental concerns has failed

Update: Opposition of union groups, led mostly through the International Brotherhood of Electric Workers, has prevented the bill, which saught to halt all mining operations in the state for a three year review phase similar to what occured with fracking, from passing through. The following article shows the events that led up to the decision.

KevinParkerSenateA bill presented by Democrat Senator Kevin Parker proposes a three year halt on all New York Bitcoin mining operations, in order to review environmental impact of the cryptocurrency. The proposal is in concordance with previous measures to meet the state’s climate goals. It will conclude in an environmental impact report, which is then subject to 120 days of public comment and minimum one hearing each of the eight New York regions.

Similar to the review of fracking, which progressed to he ban of the practice after six years of review, New York Senate Bill 6486 might cease all crypto mining activities in New York for good, setting it back on track to fulfil its climate goals.

Such a policy would hit hard on the many enterprises that have sprung up in the state lately, including Greenbridge, where 27.000 computers are mining Bitcoin 24/7, as cointelegraph.com reported.

Carbon consumption has become a major controlling topic surrounding the crypto market. Above all, the energy devouring stegosaurus Bitcoin has seen hefty backlashes in 2021 so far. The crypto’s immensely grown user base even surpassed the carbon consumption of the entire country of Argentina.

Bitcoin Stocks-2Due to the environmental effects, Elon Musk, an otherwise enthusiastic advocate of blockchain money, withdrew Bitcoin transactions from Tesla. Inner Mongolia in China has drafted measure to clean and shut down crypto mining operations to meet the nation’s environmental goals. Attempts to ban crypto in  India have so far been pushed back by the Supreme Court, however, the central bank pushes further.

The ongoing critique of the environmenal costs of Bitcoin have taken its toll on the currency*s worth, driving it below $50.000. On May 3, the supposedly green cryptocurrency Chia was launched, leading to an immediate surge in hardware demand, as reported on AIBC News.

In New York, the proposed bill seems likely to pass, possibly marking another critical point in the crypto world, demanding eco-friendlier alternatives.

Graph provided by coindesk.com

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