{"id":4659,"date":"2022-06-03T18:50:38","date_gmt":"2022-06-03T18:50:38","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=4659"},"modified":"2022-06-03T18:50:39","modified_gmt":"2022-06-03T18:50:39","slug":"new-york-bill-that-aims-to-establish-a-bitcoin-mining-moratorium-awaits-governor-hochuls-signature","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4659","title":{"rendered":"New York Bill That Aims to Establish a Bitcoin Mining Moratorium Awaits Governor Hochul&#8217;s Signature"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The state of New York passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon-based energy sources. The policy will place a two-year ban on proof-of-work (PoW) mining if the assembly bill is approved by New York governor Kathy Hochul.<\/strong><\/p>\n<h2>New York PoW Mining Moratorium Legislation to Be Delivered to Governor Kathy Hochul\u2019s Desk, Crypto Advocates Say the Bill Is a \u2018Significant Setback for the State\u2019<\/h2>\n<p>New York-based lawmakers have submitted a bill that aims to ban PoW mining operations that leverage carbon-based energy sources. Assembly Bill A7389C was authored and sponsored by New York State Assemblywoman Anna Kelles. The Democratic Party politician from Assembly district 125 said in an interview she needed to do something because she felt \u201cthe environment kind of crumbling around\u201d her. Kelles further remarked that it stressed her so much while laying in bed and she was \u201cnot able to fall asleep.\u201d<\/p>\n<p>Democratic New York State Assemblywoman Anna Kelles is the author of Assembly Bill A7389C and the chief sponsor.<\/p>\n<p>In recent years, New York has implemented aggressive climate goals and the state has plans to cut carbon emissions by 85% by the year 2050. Assembly Bill A7389C does not discuss how bitcoin mining can improve renewable energy demand or how it can reduce emissions. An ESG study published in May shows that bitcoin mining has the potential to eliminate 0.15% of global warming by 2045. Moreover, Bitcoin\u2019s network emissions only account for 0.08% of the world\u2019s CO2. Further, Assembly Bill A7389C does not discuss the carbon and military violence associated with the U.S. dollar\u2019s proof-of-work algorithm.<\/p>\n<p>Assembly Bill A7389C has been passed by the New York Assembly and by the Senate, and the bill will soon be delivered to the Democratic New York governor Kathy Hochul. If Hochul signs the bill, the moratorium on specific types of cryptocurrency mining operations will begin. A report published by CNBC\u2019s MacKenzie Sigalos explains members of the crypto industry believe the policy could have ripple effects across the country. Galaxy Digital\u2019s Amanda Fabiano said:<\/p>\n<p>New York is setting a bad precedent that other states could follow.<\/p>\n<p>Greenidge Generation Holdings Inc. (NASDAQ: GREE) sent a statement to Bitcoin.com News and noted that the bill will not interrupt the operations the company runs in New York. \u201cThe bill language plainly states, and the bill\u2019s original sponsor has confirmed, that the legislation will not apply to Greenidge\u2019s operations,\u201d Greenidge said on Friday. \u201cShould the legislation be signed into law, our fully permitted power generation and cryptocurrency data center in Dresden, NY will continue to operate without interruption.\u201d<\/p>\n<p>Speaking with CNBC\u2019s Sigalos, the founder and president of the Chamber of Digital Commerce, Perianne Boring told the reporter that the moratorium is a setback. \u201cThis is a significant setback for the state and will stifle its future as a leader in technology and global financial services,\u201d Boring detailed. More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State,\u201d the Chamber of Digital Commerce president added.<\/p>\n<p>Tags in this story<\/p>\n<p>Amanda Fabiano, Anna Kelles, Bitcoin mining, BTC Mining, Chamber of Digital Commerce, cnbc, Democrat, Galaxy Digital, Governor Kathy Hochul, Greenidge Generation, interview, lawmakers, MacKenzie Sigalos, NY Lawmakers, Perianne Boring, permitted power generation, politician, PoW, PoW Mining, Proof of Work, USD carbon, USD Violence<\/p>\n<p><em><strong>What do you think about New York\u2019s moratorium policy on specific types of cryptocurrency mining operations? Do you think governor Kathy Hochul will sign the bill? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n<p>Jamie Redman <\/p>\n<p class=\"article__body__author__info__about\">\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.<\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/new-york-bill-that-aims-to-establish-a-bitcoin-mining-moratorium-awaits-governor-hochuls-signature\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state of New York passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon-based energy sources. The policy will place a two-year ban on proof-of-work (PoW) mining if the assembly bill is approved by New York governor Kathy Hochul. New York PoW Mining Moratorium Legislation to Be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-4659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4659"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4659\/revisions"}],"predecessor-version":[{"id":4661,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4659\/revisions\/4661"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4660"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}