New York City has restricted cryptocurrency mining in the state in such a way that it appears that the state has partially banned it. Kathy Hochul, the New York Governor who was re-elected, signed the bill into law yesterday, on the 22nd of November. This, however, does not affect already-existing companies that have followed the proper process.
Yesterday, on November 22, 2022, Kathy Hochul, the governor of New York City, signed a bill regulating cryptocurrency mining in the state.
According to the bill, which has been passed by the senate months ago, the state will be suspending proof-of-work crypto mining that survives on coal plants for a period spanning over two years.
Kathy Hochul has taken to the public to explain that the intention of the government is to oversee the climatic well-being of the state. According to her, while it is tremendously beneficial to fully explore the prospects of cryptocurrency mining, it does no one any good if, as a result of that, the climate situation will deteriorate.
Due to the abundance of resources, crypto miners have favoured New York City to carry out their mining-related activities; however, that is not without its environmental hazards.
In fact, locals in New York have made public complaints in the past, expressing their disapproval of the sheer volume of greenhouse gas emissions in the state.
It is also worthy of notice that the law passed is considerably “fairer” compared to other bills that were proposed. Some went as far as banning crypto mining for a long stretch of time.
As it is now, it appears that the City of New York, while realising the importance of financial inclusion, also prioritises its climate well-being.
Fuel Generated From Fossils Create Concerns
It appears that due to energy and climate concerns, a number of states have gone on to ban crypto mining, whether partially or completely.
Some of these countries include China, which banned crypto mining earlier this year, and Kosovo, which also banned mining this year.
Also, a number of states have gone on to pass stringent rules that regulate the affairs of crypto mining, such as in the case of New York.
It appears that while the advantages of crypto mining are numerous and may signify a financial breakthrough at some point, a large percentage of the world’s leaders will not choose it at the expense of climate well-being.
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