• The proposed legislation would prohibit proof-of work mining (PoW), if it passes.
• New York’s crypto community responded to the challenge by launching a public campaign for cryptocurrency mining defense.

If the New York State Assembly approves Bill A7389C, Bitcoin (BTC), and Ethereum (Ether), mining may be prohibited on Monday April 25, 2019. New York could become the first US state to ban crypto-mining activities if it passes Bill A7389C.

Miners in the state are strongly opposing this bill. Bitcoin Advocacy Group is one of the strongest BTC support organizations. They have asked New York’s crypto community to reject this proposal.

State lawmakers led by Assemblywoman Anna Kelles, the bill’s proponent, plan to amend the New York State Environmental Conservation Law.

Assessment of environmental impacts of mining

The bill “establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.”
Furthermore, it “provides that such operations shall subject to a comprehensive generic environmental impact statement review”, as part of the “Climate Leadership and Community Protection (CLCPA), objectives established by the statute in 2019.
The assembly members recognize that the underlying technology in the blockchain ” is an innovative technology that allows for the recording and efficient transfer of information.” But they also point out that said information is linked to the “environmental issue” and social justice.

“We must not go backwards on our commitment, in law, to prevent these disastrous impacts to the residents of New York,” the proponents warn.

It is an alarming precedent for all of America

This legislation would set a precedent in cryptocurrency mining across the nation if it is passed in New York. New York legislators are currently examining the impact of Bitcoin mining on the environment.

There are also voices in Congress that demand that cryptocurrency mining be reduced in order to minimize carbon emissions.

New York’s cryptocurrency community has taken action by asking Ether and Bitcoin supporters to get in touch with their elected representatives, and to express their objection to the legislation under consideration.

Why you should care

• New York has been the most friendly state in America for Bitcoin mining.
• Eric Adams, New York City’s mayor, is indeed one of the most optimistic and has pledged that he would make the Big Apple (NASDAQ) a financial centre for cryptocurrency.

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