New York Limits Crypto Mining Due to Environmental Issues

November 23, 2022 By Raulf Hernes

(Image Credit Google)

New York will be the first state in the US to prohibit cryptocurrency mining, according to legislation that Governor Kathy Hochul signed on Tuesday. Since the FTX exchange's collapse earlier this month, the cryptocurrency business has been under increasing scrutiny. But, as noted by a report, the legislation in New York, which the state Legislature enacted in June, is particularly concentrated on the environmental effects of cryptocurrency The new rule will impose a two-year ban on new and renewal air licenses for fossil fuel power plants that engage in energy-intensive "proof-of-work" bitcoin mining. The computer-based system that tracks and secures transactions involving bitcoin and another virtual currency is known as "proof-of-work." Crypto

Bitcoin and certain other cryptocurrencies are run using the "proof-of-work" blockchain-based process. The new law mandates that the Department of Environmental Conservation assess how crypto mining affects the state's ability to meet its climate goals. Environmentalists charged that New York was undermining climate goals by allowing bitcoin mining companies to run their own natural gas-burning power plants. Cryptocurrency proponents asserted that the regulation would impede New York's economic development. For the electricity-intensive crypto-mining process, specialized computers are required. The U.S. Energy Information Administration found that in 2019, bitcoin's annual electricity use was comparable to Hong Kong's. Crypto Market Capitalization Was Trading Around $2 trillion. Weak hands could be eliminated by 2022.

Crypto Market Capitalization Was Trading Around $2 trillion. Weak hands could be eliminated by 2022.

Particularly at a time when the world is trying to reduce carbon emissions, the extraordinary development in bitcoin usage over the past couple of years has ignited a passionate debate about the harm that the environment is facing. The Environmental Protection Agency (EPA) chief received a letter earlier this year from more than 20 Democratic members of the US House of Representatives outlining their worries about the environmental costs of cryptocurrency mining. They contended that Bitcoin mining affected the residents in addition to consuming an excessive amount of electricity. People who live close to cryptocurrency mining operations "are already feeling the effects of these facilities' air, water, and noise pollution," according to the letter.

By Raulf Hernes

If you ask me raulf means ALL ABOUT TECH!!

New York Limits Crypto Mining Due to Environmental Issues

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