Bitcoin mining community in New York awaits outcome of state senate bill banning mining operations powered by carbon-based power sources

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  • Governor Kathy Hochul could change the fate of bitcoin mining in New York by vetoing the bill
  • The Bitcoin mining community anticipates a nationwide domino effect if this bill passes
  • The bill follows the Climate Leadership and Community Protection Act requiring New York’s greenhouse gas emissions to be reduced by 85% by 2050.

Last week, New York lawmakers passed a bill banning certain bitcoin mining operations powered by carbon-based energy sources. The bill, which originally passed the state Assembly in late April before heading to the state Senate, calls for a two-year moratorium on certain mining operations using mining methods. proof-of-work authentication to validate blockchain transactions. Proof of work mining requires specialized equipment and huge amounts of electricity to mine bitcoin. Ethereum has publicly announced efforts to move to a less energy-intensive process, but will need to continue using the same method for at least a few more months.

Lawmakers supporting the legislation want to reduce New York’s carbon footprint by cracking down on miners using electricity from fossil fuel-burning power plants. For two years, except proof of work…

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