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Proof-of-work crypto mining ban bill of NY will advance soon this week

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Proof-of-work crypto mining ban bill of NY will advance soon this week 17

Around a year-old bill is ready to go under the next proceedings to consider into laws to impose a ban on crypto mining operations. 

Crypto adoption and issues because of crypto adoption are increasing day by day. On one side we are taking advantage of this unique technology, on the other hand, criminal activities and environmental issues are increasing rapidly. However Kazakhstan, like many countries, welcomes crypto mining operations officially but opposite it, many countries kicked out crypto mining operations, like China. 

In June of last year, a bill was passed by the New York State Senate to impose a ban on all proof-of-work-based cryptocurrency mining operations. Reports noted that the bill will go under discussion among lawmakers to introduce in laws. If this bill gets introduced into law then it will impose a ban on crypto mining for the next 2 years. 

Environmental Activists and Groups supported this initiative to impose a ban on crypto mining to reduce environmental issues and keep Carbon emission under the lowest level. 

John Olsen, the New York state lead at crypto lobbyist Blockchain Association, shared his stance in favor of this bill and noted that the bill has no provisions to ban crypto trading or Offerings services, it will only help to have a better environment.

“The bill intends to prevent new mining operations that would draw power from fossil fuel generation, even if impartial…The impact, though, is just economic in the sense that good-paying jobs are going to be going to other states, and mining operations that would face less regulatory scrutiny, in terms of environmental impact, would be setting up shop.”

Anna Kelly, the state representative, responded to a question that raised issues regarding this crypto mining ban provision & fear among crypto mining investors.

Anna wrote that it is not going to ban crypto but it will only ban mining, while companies will remain under the freedom to go with crypto services.

Read also: Elon Musk is not in favor to bring Dogecoin into Web3

Proof-of-work crypto mining ban bill of NY will advance soon this week

 

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