Kevin S. Parker, the U.S. senator, has recently presented a heavy-set bill in the state senate demanding a 3-year prohibition for cryptocurrency mining in the metropolitan. Parker is also the chairperson of the committee overlooking the Energy and Telecommunication sector. The hiatus bill is also backed by Rachel May, who is currently chairing the committee of Aging, legislative communication, and rural resources. There has not been news about any more senator endorsement thus far.
The charter of the bill is inspired by the information that every Bitcoin transaction uses as much electricity as an American household does in a month. A majority of democrats senate could result in getting this bill approved eventually. The bill is focused on the use of fossil fuel-backed mining farms that are leaving behind a huge carbon footprint.
Do Cryptocurrencies Pose a Threat to the Environment?
The bill does not provide any substantiated sources for the claims. However, it is directed towards enforcing the Climate Leadership and Community Protection Act into immediate effect. If the bill manages to score a majority vote in favour, all the mining farms in New York would have to comply with NYC’s climate change targets.
The Climate and Community Protection Act was approved in 2019 that urged the senate to make way for a 70% green energy transition in NYC before 2030. The same bill also calls for 100% zero-emission electric power till 2040 and carbon pollution reduction of 22 million tons with sustainable energy grid and infrastructure promotions. The crypto mining ban bill deems digital assets responsible for increasing greenhouse emissions and violating climate preservation goals set by the city.
The Governor of New York City Faces the Criticism of Environmentalists for Proposing Crypto Mining Programs
Andrew Cuomo has taken advantage of the fact that cryptocurrencies have become the most trending topic in the city circles. He has proposed plans to expand Bitcoin plants powered by natural gas on Seneca Lakes. This proposal includes the farming of 27 thousand computing units in the Greenbridge crypto plant. The proposal is met with bitter opposition by the Environmental Group Seneca Lake Guardian.
The Guardians have started an online petition calling for signature to prevent Governor Cuomo from executing the expansion plan. The crazy idea of making fake money in the middle of the worst climate disaster in decades does not hold much water, Yvonne Taylor, VP of the Guardians, told the media. The Chinese Communist Party (CCP) has also taken a similar stance over the increasing mining farms in Beijing.