Can New York ban crypto mining in the region?

bitcoin btc

The state of New York is pushing forward a bill that sets to put a blanket ban on Proof-of-Work mining (PoW) because of the electricity and energy costs associated with crypto mining. As the bill is pushed forward, the cryptocurrency community, including strong figures in the space, have lashed out against the ban.

On Twitter, the head of policy at Blockchain Association Jake Chervinsky dove in to explain that the political wing of the New York establishment with an anti-crypto stance will not do anything to reduce carbon emissions by slapping a mining ban in place. He explained, instead, that all it will do will push those in the Bitcoin mining industry to mine in other regions where the state of New York will not be able to dictate their mining.

He continued in the thread to note

At best, it has zero impact on emissions…but more likely has a net negative effect by pushing miners to build in places with fewer or no environmental regulations.”

In response to the bill, Chervinsky has stated that he hopes Kathy Hochul, the New York governor, will veto the bill to avoid sending a message that New York is taking an anti-cryptocurrency stance.

Bruce Fenton, United States senatorial candidate, has also taken to the social media platform to note his disagreement with the bill.

Additionally, Ethereum’s Vitalik Buterin took to Twitter to agree that the state should not be in a position to ban crypto mining for the sake of energy,

The New York State Senate approved the bill to ban PoW mining on 3rd of June and will be put into place effectively if the governor of the state approves it.

Related Articles

Binance and CZ fight back with a motion of dismissal

Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.

Mt Gox delays payments even further

Mt Gox has delayed the deadline to reimburse investors yet again, marking another year in a decade long delay.

USDC stablecoin launched on Polkadot Asset Hub

Circle has announced that USD Coin will be launched on the blockchain, extending USDCs presence in the ecosystem.

US authorities to halt Central Bank Digital Currency

Lawmakers in the United States have made moves to impede the development and launch of a central bank digital currency (CBDC) in the...

See All