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NY bill aims to limit crypto miners using fossil fuel-generated power -Breaking

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© Reuters. FILEPHOTO: This illustration shows a bitcoin representation taken at La Maison du Bitcoin Paris (France), June 23, 2017. REUTERS/Benoit Tessier

(Reuters] – New York State Legislature passed a bill to impose a 2-year moratorium in the use fossil-fuel power stations to supply energy to miners for cryptocurrencies. The governor is yet to sign the bill.

To mine cryptocurrency, you need a lot electricity. These systems compete for the power to solve complex mathematical problems to verify blockchain transactions. With cryptocurrency, the miner that solves the most difficult puzzle wins.

It was passed by the State Assembly in April, and later passed by the Senate late last week. The Governor’s office declined to comment Monday on whether or not she would sign it.

This bill forms part of an effort by the state to cut statewide greenhouse gases emissions by at least 85% by 2050.

The bill states that cryptocurrency mining businesses “are an emerging industry in New York State,” which will “significantly increase the state’s energy consumption.”

In order to prevent cryptocurrency mining increasing greenhouse gas emissions, this bill would prohibit the issuance or renewal of air permits for electric generating facilities that use a carbon fuel. The facility will also provide energy needed by crytocurrency miners.

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