New York bans crypto mining using non-renewable power
The crypto mining moratorium bill passed on Monday banned all new Proof-of-Work crypto mining firms based on non-renewable energy sources for two years
By Shashank Bhardwaj
Bitcoin mining machines at the Whinstone US Bitcoin mining facility in Rockdale, Texas, on October 10, 2021. Experts say rule of law and cheap electricity in the US are a draw for bitcoin miners, whose energy-gulping computers race to unlock units of the currency.
Image: Mark Felix /AFP via Getty Images
Assembly bill A7389C banning all new crypto mining facilities based on non-renewable energy sources was passed on Monday in the New York State Assembly. Democrat Anna Kelles sponsored the bill. The assembly committee has voted on advancing the bill to a full vote of the legislative body. A corresponding bill is already underway in the Senate.
Under the bill's provisions, any crypto mining firm using carbon-based energy sources won’t be able to set up its operations in the state. The existing mining facilities would remain unaffected by the bill, including those facilities that employ renewable energy sources. The bill specifies, “(the New York Energy Department) shall not approve a new application for or issue a new permit ... for an electric generating facility that uses a carbon-based fuel, and that provides, in whole or in part, behind-the-meter electric energy consumed or utilised by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions."
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Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..