The New York State Assembly is set to vote on a proposed ban on crypto mining on April 25. The bill which was approved in March faces criticism in the crypto community
New York’s Crypto Mining Ban Faces Opposition
Several unions and communities in New York, including Independent Power Producers of New York, the Blockchain Association, and other crypto lobbyists, have expressed strong opposition to the proposed bill, known as A7389C.
The bill proposes putting a stop to cryptocurrency mining operations that use proof-of-work authentication methods like Bitcoin and Ethereum. The bill’s main concern is the financial impact of energy-intensive crypto mining.
The bill will be voted on during the New York State Assembly session on April 25.
Unions, associations, and crypto communities, on the other hand, have been vocal in their opposition to the bill. The Independent Power Producers of New York have expressed concern about a bill that would prohibit business activity related to the power supply and enforce a prohibition on power plant permits.
Furthermore, several crypto organizations, including the Blockchain Association, have launched campaigns to prevent New York legislators from imposing a crypto mining ban.
People are being urged to contact their members in the New York State Assembly and ask them to vote “No” on the bill because it threatens jobs and innovation.
According to crypto associations, the bill does not prevent climate change because it simply prohibits the use of electricity in crypto mining operations in New York.
Crypto miners can simply move their operations to neighboring states, but this will have a significant impact on New York as the burgeoning industry leaves the state. It would put the government behind in terms of crypto innovation.
The European Parliament, which had also looked into Bitcoin’s environmental impact, rejected a proposed ban on proof-of-work currencies earlier this year.
The Rise Of U.S. Crypto Adoption
Crypto adoption is on the rise across the United States, including in New York. Even on Wall Street, demand for bitcoin and other cryptocurrencies is increasing. Since China banned crypto mining, crypto mining in New York has exploded.
Mayor Eric Adams of New York City opposes the crypto mining bills because he understands the benefits of cryptocurrencies and crypto mining. To reduce emissions, the crypto community aims to use energy-efficient resources and equipment.
