New York Bill Banning Proof-of-work Crypto Mining Poised to Advance

On Monday, a bill in New York advanced that would prohibit proof-of-work cryptocurrency mining for at least two years. The bill was submitted to an environmental committee after passing the New York State Senate in June. According to John Olsen, the New York state director at crypto lobbyist Blockchain Association, the bill might be introduced in the New York Assembly as early as this week. Environmentalists who support the bill argue that bitcoin mining facilities will impede New York from meeting its carbon emission reduction targets. “The intention of the bill is to prevent new mining operations that would draw power from fossil fuel generation, even if it’s partial,” Olsen said. “The impact, though, is really just economic in the sense that good-paying jobs are going to be going to other states, and mining operations that would face less regulatory scrutiny, in terms of environmental impact, would be setting up shop [in another state.]” According to state representative Anna Kelles, who supported the proposal, one miner in Rochester has enraged politicians. “My bill is not a ban on Bitcoin,” Kelles tweeted Monday. “It’s not even a ban on crypto-mining. It would not restrict the ability to buy, sell, invest, or use crypto in [New York state].” My bill is not a ban on crypto. It’s not even a ban on mining. It would not restrict the ability to buy, sell, invest, or use crypto in New York State. This bill only pertains to larg...