Several environmental concerns concerning cryptocurrency mining have been addressed by legislation targeting proof-of-work (PoW) mining, which was adopted by the New York State Senate on Friday, June 3.
The PoW consensus approach is used by Bitcoin (BTC) and a few other cryptocurrency projects to verify transaction requests.
In the state of New York, any new carbon-based fuel-powered PoW mining ventures would be prohibited for two years under a measure that had been enacted by the state Assembly the previous month. Mining companies already operating or in the process of renewing their licences would be permitted to continue.
The measure only affects one institution
The measure’s Democratic proponent, Senator Kevin Parker, says there is now just one functioning facility of this sort, and it will not be affected by the law in any way. It’s possible that one of the already pending petitions may be placed on hold until the study is complete, according to him
People were expecting this year’s version of the bill to die in committee when it was unable to be discussed at its last meeting of session by the Senate Environmental Conservation Committee.
Earlier this year, the committee’s chairman, Senator Todd Kaminsky, expressed concern that the bill’s anti-Bitcoin and anti-crypto reputation would harm the state’s economy. People are more inclined to oppose the legislation if they have this impression.
Despite this, the bill was only able to reach the Senate floor for a vote a few hours before the parliamentary session ended at midnight due to a last-minute referral from the Environmental Conservation Committee to the Senate Energy and Telecommunications Committee on Thursday evening, June 2.