New York’s Plans To Wean Off Non-Green Crypto Miners Trigger Opposition From Fellow Lawmakers

Several industry insiders and lawmakers in the US are showing outrage against a bill seeking a two-year ban on non-green crypto miners. The bill is proposed by Democrat Anna Keels and is awaiting approval from other relevant government committees before being signed into an act by the mayor of New York State. Opponents of the proposal have called for a chance to work first, before banning crypto miners and eroding the state’s economy and employment situation.

Democrat Todd Kaminsky, chairman of the Senate Environmental Protection Committee, is surprisingly raising questions among people bill of keels,

“I really believe in a new green economy and fighting climate change. The question we have to ask is, ‘How much will this legislation go to help us reach our climate goals versus a nascent industry? To harm what I think is going to be increasingly important to our state’s economy?’” quoted by CoinDesk kamiski As saying in response to the proposal.

Later China bans crypto mining In September last year, a large part of the workforce from the region moved to other countries including Iran, Kazakhstan and even the US.

As of July 2021, 35.4 percent of bitcoin miners working outside the US, Cambridge Center for Alternative Finance Revealed last year. This is an increase of 428 percent from September 2020, making the US the largest home for crypto miners.

In fact, the state of New YorkTexas, Georgia and Kentucky have emerged as popular hosts of crypto miners, CNBC had informed of Citing figures from Foundry USA last year.

In the US, 19.9 percent of BTC miners are in New York, 18.7 percent in Kentucky, 17.3 percent in Georgia, and 14 percent in Texas.

Other lawmakers who are against the crypto bill include Clyde Vennell, a Democrat from Queens, and Senator Jeremy Cooney, a Democrat from Rochester.

Venell cited job losses as his major concern, which would happen when crypto miners Not being green is banned in the state of New York.

“I myself doubted that crypto mining could bring quality jobs until I went to see these places for myself. But then I saw people without advanced degrees doing advanced degree jobs. It’s all economic activity. Us This should ensure that we work with the industry to drive change if we don’t want to push the industry from New York to other states,” Coindesk quoted him as saying.

Connie and Venell also spoke during a rally organized by the Blockchain Association in Albany, US.

Meanwhile, the proposed rule states that the New York Department of Energy “will not issue a new application or new permit for an electricity generation facility that uses carbon-based fuels and which provides in whole or in part a back-and-forth – Meter electrical energy consumption or use cryptocurrency Mining operations that use proof-of-work authentication methods to validate blockchain transactions”.

The rule is only meant to apply to new and upcoming crypto miners who wish to operate from the state. Facilities established earlier are unaffected by this rule.

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