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Cryptocurrency : New York Senate Passes Moratorium on Bitcoin Mining Operations Due to Climate Change

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New York senators are moving to relax the terms of the previously proposed Bitcoin and cryptocurrency mining ban.

Under the bill that has passed the Senate, lawmakers are now considering stopping only mining operations that rely on coal sources, while green options will be allowed to flourish.

Previous Bill 6486A was sponsored to halt all Proof of Work (PoW) -based mining operations for three years to conduct a comprehensive Environmental Impact Assessment (EIA). This EIA will now focus on mining companies that use coal or other bad energy as per the approved amendments. Additionally, the three-year deadline has been eliminated as companies seek options to change their mining energy sources and need flexible time to do so.

The clamor for new energy options for Bitcoin mining operations is occurring on a global scale. Regulators around the world, particularly in China, are looking to shut down digital currency mining operations. The challenge is the fact that the majority of China’s mining center uses coal. In accordance with Beijing’s environmental regulations, regions like Inner Mongolia and Xinjiang had to suspend their miners.

The amended New York bill has been passed to the State Assembly for approval. Once the general legislators give their consent, it will be sent to Governor Andrew Cuomo for his signature. The ultimate quest for environmental concerns for New York is to reduce greenhouse gas emissions by 85% by 2050, with net zero emissions from key sectors of the economy within that time frame.

In addition to New York and the US in general, Bitcoin-friendly El Salvador is also considering plans to explore geothermal power options from its volcanoes for Bitcoin mining operations. This adoption of cleaner energy is expected to pick up the pace around the world as campaigns against climate change take center stage.

Image Source: Shutterstock

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