Working on Bitcoin Mining Ban Bill in New York

New York legislators are working on a bill to rein in the crypto mining industry, which continues to grow in the state.

The State House Environmental Protection Committee this week proposed a delay to the Ways and Means, a standing committee that offers recommendations to the U.S. House of Representatives for policies that could increase revenue for Proof of Work (PoW) mining.

The transition of the bill to the second stage is seen as a big step. Because, the fact that the issue was moved to the Senate before the Assembly is interpreted as a serious step in banning crypto mining in the state.

The request for a deferral of activity was submitted last year. The first version of the bill, on the other hand, had much stricter rules. So much so that it was requested to delay crypto mining in New York for 3 years, including crypto currency miners located in converted fossil fuel power plants in the bill.

The new version of the bill now focuses on a significant increase in proof-of-work mining in the state. The updated bill now requests a 2-year delay in issuing new mining permits. Although the general bill is not yet interpreted as a ban on cryptocurrency mining, it is thought to provide a basis for further legal action in this regard.

According to the roadmap to be followed for the current bill, The Ways and Means Committee is currently working on the state budget. If the bill is on the way to become legal, it must be approved by the Senate.

USA ranks first in Bitcoin mining

The United States became the largest source of Bitcoin hash power early last year after China banned crypto mining and moved mining facilities out of the country. However, discussions about the usefulness of energy-intensive proof-of-work mining in particular began to proliferate.

Proponents of mining argue that income can be generated from the energy that can be obtained from idle flash gas, wind farms and waterfalls in areas outside the settlement. Critics, on the other hand, are skeptical of mining on the grounds that until now there has been no revenue stream in the locations where mining activities are located.

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