New York Assembly Passes Groundbreaking Bill to Halt Crypto Mining with Carbon-Based Power for Two Years

Understanding the Bill

On a bustling Tuesday night, the New York State Assembly took a significant step in the realm of environmental legislation by passing a bill that places a two-year ban on new proof-of-work (PoW) cryptocurrency mining facilities powered by carbon-based fuels. Sponsored by Assemblywoman Anna Kelles, the bill aims to curb the energy-hungry Bitcoin mines that have raised environmental eyebrows.

What’s in the Details?

This isn’t just a casual tea break for the crypto enthusiasts. The new legislation disallows the approval of any fresh Bitcoin mines while simultaneously clamping down on existing PoW operations. If these facilities wish to crank up their electricity consumption, they’ll hit a brick wall at the permit renewal stage. It’s a double-whammy designed to halt the carbon emissions from digital gold digging.

The Legislative Journey

The bill managed to gather support in the Assembly, passing with an impressive 95 votes in favor and 52 against. Anna Kelles couldn’t be more thrilled, cheering her victory on Twitter and noting the bipartisan support she harnessed to get the bill on the voting floor. Now the ball is in Senator Kevin Parker’s court as he takes it forward to the State Senate.

Who’s Next?

After the Senate vote, whether Governor Kathy Hochul will roll out the welcome mat or put her foot down with a veto remains a hot topic. It feels like a political cliffhanger; will she embrace or exile this ambitious green legislation?

The Environmental Angle

The accompanying tasks for the Department of Environmental Conservation (DEC) include preparing a “generic environmental impact statement.” This means they will roll up their sleeves, gather data on energy consumption, greenhouse gas emissions, and assess overall public health risks associated with PoW miners. Plenty of number-crunching and assessing are about to happen!

Crypto Industry Responses

Unsurprisingly, the Blockchain Association has rallied against the bill, urging tech-savvy folks of New York to weigh in with their own voices, warning that this legislation could be a slippery slope for innovation. Thousands of messages flooded legislators as they emphasized that the opposition might be stronger than anticipated. After all, no one wants their digital playground threatened, right?

A Wider Trend

Unfortunately for crypto enthusiasts, New York isn’t alone. It appears that proposed bans on proof-of-work cryptocurrencies based on environmental concerns are on the rise. Over in Europe, plans like the Markets in Crypto Assets (MiCA) bill narrowly missed a fatal blow in recent debates. There’s chatter of even stricter measures to curb Bitcoin trading as lawmakers in the EU assess the ecological impact of such energy-consuming activities.

Final Thoughts

As the dust settles, this legislation raises a fundamental question about balance: can digital currencies coexist with environmental responsibility? Only time will tell if other states or countries will follow New York’s lead or if the crypto industry can find a way to innovate sustainably.