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- New York halts bitcoin mining due to environmental impact.
- Bill put forth by Sen. Kevin S. Parker (D-Brooklyn),
- Moratorium to be lifted post Environmental Review
The rise of cryptocurrency and associated mining has started a hot debate about the energy consumed and its impact on the environment. The Coindesk reports that a New York Bill which seeks to freeze Bitcoin mining pending an inquiry on its environmental effects has been introduced in the New York state legislature.
A three-year moratorium on crypto mining
Coindesk reports that a bill that seeks to put a three-year moratorium on crypto mining has been tabled in the New York state legislature. The statement will appease a group of skeptics who feel that mining goes against the decarbonization goals of the city. The freeze is to put in [place pending a review by the state inspectors.
The bill has been put forth by Sen. Kevin S. Parker (D-Brooklyn), and the moratorium will be lifted if it is clear that mining will not contradict the strict New York’s carbon-cutting benchmarks.
Bill will empower state inspectors.
The bill will grant powers to the state inspectors to calculate the effects such mining will have on air quality, impacts on flora and fauna, water quality, and carbon footprints.
Bitcoin and other crypto mining are energy-intensive processes. The increase in mining activities has brought numerous dormant and coal-fired power plants back to life. Coindesk reports that a fresh lease of life has been given to such power plants, and many, like the operator Greenidge Generation, are planning to increase production to 500 MW by 2025.
However, environmentalists argue that coal-fired power plants like the Greenidge counter New York’s decarbonization goals. New York State has put forth an ambitious target slashing greenhouse gasses emissions by 70% by 2030.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
