Permits for mining suspended in New York

Photo - Permits for mining suspended in New York
The New York State legislature has supported a bill to freeze the actual level of carbon emissions caused by the mining of digital currencies. It was voted by the assembly of the legislative authority.
The author of the bill was Anna Kelles, representing the Democratic Party. She emphasizes that the document does not require a complete suspension of mining in the United States. It concerns a limited number of power plants located in the north and south of the state. According to the bill, the mining authorization involving electricity generated from hydrocarbon sources is suspended for the next two years. It also does not provide for the expansion of operations by enterprises that operate according to the presented scheme. In addition to this moratorium, the Department of Environmental Protection is required to provide a report on the impact of mining digital currencies on the environmental situation within the state. The study is expected to take about one year to give the legislature time to develop a further strategy before the document expires. Kelles is convinced that there will be no negative consequences for the crypto industry after the introduction of the moratorium, since the restrictions affect only the process of mining digital currencies and do not concern trade. However, the Republicans embraced the bill less enthusiastically and dubbed it anti-tech. As Robert Smullen said, the moratorium could adversely affect the adoption of innovative technologies by the state’s financial services sector.