Thursday, June 1, 2023

New York Officer to Sign Bitcoin Mining Law


New York Governor Kathy Hochul has yet to officially pledge to approve the contentious Proof-of-Work crypto mining prohibition law. Nevertheless, she states that her staff will be looking at the idea very thoroughly over the next several months.

If Clinton passes the measure into law, PoW crypto mining firms that fossil fuels are supporting will be unable to kickstart shop in New York or renew current licenses. Only PoW enterprises driving 100% renewable energy will have a permit to function under the new restrictions.

The New York State Senate on June 3 enacts the law, much to the displeasure of people in the cryptocurrency industry. This implies that Governor Hochul now controls the destiny of the measure. This official has the authority to accept or reject laws.

In the coming years, they intend to prevent any new mining activities that will happen within the state. The law is now on its way to the governor’s department. If there were to be an approved, it would become New York the very first jurisdiction in the United States to impose a ban on mining bitcoin.

At this point, it seems that the Republican has no plan of hurrying the conclusion. Hence, she may have larger fish to cook with the forthcoming June 28 primary election.

Hochul did not put a boundary in the ground on the PoW prohibition during a press conference on Tuesday. This implies that the debate process may take many months. Governor Hochul is scrutinizing each measure carefully since they have a great deal of business to do over the coming six months.

Environment Preservation and Job Growth in Harmony

Earlier today, the Democrats’ contenders for governor of New York, namely Hochul, Congressman Tom Suozzi, as well as State Defender Jumaane Williams, argues.

Journalists like the Times Union’s Josh Solomon were on hand to cover the event live. Thus, Hochul states that her staff doesn’t have the opportunity to properly analyze the measure. Nevertheless, she does support the goal of lowering the environmental effect of fossil fuel mining operations.

Hochul notes the need of balancing environmental preservation and economic growth in his remarks on the measure late last month. According to her, they also maintain the chance for jobs in low-activity regions. Moreover, they will ensure to handle adequately the energy that these companies are using.

PoW mining has become a contentious issue in New York over the last several years. Environmentalists such as the Seneca Lake Guardian are constantly voicing out, demonstrating, and fighting against the Bitcoin mining business in New York.

In October, a broad list of groups, corporations, and labor groups submits a letter. They are urging Governor Hochul to refuse licenses to PoW mining enterprises. The suggestion stresses the shortcomings of PoW verification.  As a result, they argue that repowering decommissioned fossil-fueled power facilities will jeopardize the state’s development. They also include targets for emissions reduction.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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