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New PoW Legislation In New York Will Be Bad For Business -Breaking


© Reuters. New PoW legislation in New York will be bad for business
  • Teana Baker-Taylor expressed concern about legislation that would prohibit the approval of digital mining permits.
  • Baker-Taylor believes that this proposal won’t accomplish much for the environment .
  • It could even be a real threat to New York’s areas that work to attract new business.

Teana Baker-Taylor (chief policy officer of the Chamber of Digital Commerce) recently gave her opinion about legislation that would prohibit approvals of digital mining permits that are not renewable energy.

New York State Assembly approved A.7389C, which prohibits the approval of new permits or applications for digital asset mining operations. Also known as Proof-of-work (PoW), this bill allows you to suspend all future approvals and permits. It uses electricity generated from carbon-based fuels like coal.

Baker-Taylor believes that this proposal won’t accomplish much for the environment and might even cause real harm to areas of New York that are working to attract new businesses.

PoW consumed approximately 0.16% of global energy in 2020. This is 24 terawatts. Baker-Taylor thinks these figures show that PoW elimination will not significantly reduce carbon emissions. It might slow down more renewable energy production.

Baker-Taylor also stated that the global mining industry’s sustainable electricity mix stands at 58.5%. This is a rare industry.

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Her comments were also accompanied by the statement that states support digital asset mining, and they are willing to attract New York-based firms who want a more supportive financial environment.

Texas stakeholder have confirmed that PoW helped stimulate the economy, increase employment, promote the development and use of renewable energy, such as wind or solar, and improved the tax base.

Baker-Taylor ended by saying that New York and the digital asset-mining industry could set an example for ethical and sustainable business growth.

Additionally, she feels that this should be rejected by the state Senate when it comes time to vote.

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