Bitcoin (BTC) miners in New York State may be forced to quit their jobs for three years, if not altogether. This is evident from a new bill that has been on the table of the New York Senate since May 3.
Should the law pass, a so-called three-year moratorium on crypto mining companies would be instituted. The companies would then have to stop their activities for three years while the impact of mining on the environment is being investigated. The main focus will be on the CO2 emissions of mining companies in New York.
If crypto mining companies are too harmful to the environment or misleading their numbers, the necessary permits may be revoked and the companies can no longer operate at all. The bill also aims to set stricter regulations for these companies.
“A single cryptocurrency transaction uses the same amount of energy that an average US household consumes in a month, with an estimated global energy consumption level equal to that of the country of Sweden.”
Thus the proposal, which further states that many of the mining companies in New York operate in old fossil fuel power plants. While this law is unlikely to affect bitcoin’s overall hash rate, it could turn out badly for New York businesses. Perhaps the research can finally provide more clarity about the influence of crypto on the environment. It is a subject that is still unclear and a lot of misinformation is being spread about.