Crypto miners might face three-year forced closure. The Senate is discussing the latest environmental protection bill, which involves the crypto mining risks too.
New York Senate Bill No. 6486 was introduced by Democratic Senator Kevin S. Parker, Chairman of the Energy and Telecommunications Committee. Also, the co-author was Rachel May, Democratic Senator, Chairman of the Aging Committee, and Rural Resources Legislative Committee.
The bill has not yet received broad support from other senators. However, the Democrats control the House of Representatives and the Senate.
The bill aims to suspend the operation of cryptocurrency mining centers. The goal is to ease the environmental impact of crypto mining, primarily supported by fossil fuels.
It also aims to impose stricter regulations on mining centers, such as conducting environmental impact reviews. It will prevent cryptocurrency mining if the facility does not meet New York’s climate change goals.
The senators handed over the bill to the Environmental Protection Committee on May 3. They claimed that its actions were consistent with New York’s Climate Leadership and Community Protection Act. The act states that the energy consumed by a single cryptocurrency exchange is the same as the energy consumed by an average American household in a month.
Greenbridge’s bitcoin plan expansion fears Americans
The Climate Leadership and Community Protection Act, passed in 2019, aims to achieve 70% renewable energy by 2030. Besides, 100% zero-emission electricity by 2040. Also, 22 million reductions through energy efficiency and electrification Tons of carbon.
Crypto mining has become a hot topic in New York. The owners of Greenbridge’s natural gas bitcoin plant in Seneca Lake plan to expanse the plant. According to reports, the plant intends to power up to 27,000 computers, which will run 24/7 to mine Bitcoin.
According to carbon emission targets, actions are being taken to regulate cryptocurrency mining worldwide, especially in China. China is estimated to account for approximately 65% of global Bitcoin hashing power.
On April 27, Beijing issued an “emergency notice” to inspect data centers in cryptocurrency mining. According to reports, china fears that it would not meet the “five-year plan” focused on climate change in China.
Environmental issues caused by crypto mining are a hot topic. When experts question the future of Bitcoin and other cryptocurrencies, one thing is sure: if they persist, global energy consumption will rise sharply. “Burning more fossil fuels to produce “fake money.”- this is how the Vice President of the Environmental Group Seneca Lake Guardian sees the situation.
As the impact of the climate crisis intensifies, we should consider whether the benefits of cryptocurrencies exceed their environmental costs.