New York legislators to vote on PoW mining moratorium this week
The New York state legislature might ban Proof-of-Work (PoW) crypto mining in the state for at least two years, citing environmental concerns.
Over the past weekend, on April 23 and 24, several crypto advocacy groups — including the Blockchain Association and Crypto Council for Innovation — rang the alarm over the upcoming vote in the New York Assembly. The state legislature's official webpage did not indicate a specific date for the vote.
1/ New York’s proposed moratorium on proof-of-work (S6486D/A7389C) mining has an unintended consequence - it puts innovation on the back burner. It would have significant implications for the security of major crypto protocols.https://t.co/cOT4njQDqZhttps://t.co/M7LTuHmV1Z
1/ The NYS legislature is preparing to ban PoW mining…we’re calling on all pro-tech, pro-innovation, pro-crypto NYS residents to make their voices heard. Tweet and email your assembly member via the link below https://t.co/N50iLJO3To
The bill, S6486D/A7389C, seeks to establish a two-year moratorium on cryptocurrency mining that utilizes Proof-of-Work (PoW) consensus mechanism. It would amend the existing environmental conservation law to comply with the 2019 Climate Leadership and Community Protection Act, which implies a 40% greenhouse gas emission reduction by 2030. As the co-sponsors of the bill believe, the PoW mining stands in the way of reaching this goal. Hence, they propose a moratorium on mining permits issuance and renewal.
The bill offers some important reservations, though. As one clause goes, “the department shall not approve an application to renew an existing permit [...] if the renewal application seeksto increase or will allow or result in an increasein the amount of electric energy consumed or
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