USA: New York bans coal-powered bitcoin mining operations

New York State became the first in the US to ban bitcoin mining, more specifically facilities powered by coal-based energy sources. For the next two years, no renewal of licenses or issuance of new licenses for facilities within the state will be allowed unless their owners prove that they are powered by 100% renewable energy.

- Advertisement -

Bitcoin mining is a fairly energy-intensive activity and the new legislation is part of New York’s efforts to reduce carbon emissions by 85% by 2050.

“It’s the first law of its kind in the country,” said New York Governor Kathy Hochul, signing the legislation. “This is a key step in the state’s effort to reduce its environmental footprint,” she added.

Cryptocurrency market experts estimated on CNBC that the initiative will create a domino effect in the US, where 38% of bitcoin mining facilities operate. The new legislation “will set a dangerous precedent in who can or cannot use electricity in New York State,” the US Chamber of Digital Commerce said in a statement.

Industry executives, such as Kevin Zang, of digital coin company Foundry, expressed similar concerns, “It’s not just a clear sign that New York doesn’t want bitcoin mining companies, but it sets a dangerous precedent by singling out a specific industry in which it prohibits the use of electricity.”

Previous Articles:

- Advertisement -

Latest News

Amber International Raises $25.5M to Grow $100M Crypto Reserve Fund

Amber International Holding raised $25.5 million in a private placement to expand its $100...

Traders Flock to Hyperliquid Apps Amid Hopes for Airdrop Rewards

Investors are moving millions into projects on the Hyperliquid blockchain in hopes of future...

Bank of Russia Rules Out Cryptocurrency Investments, Cites Risks

The Bank of Russia will not invest in cryptocurrencies.The central bank sees cryptocurrencies as...

Saylor Sets Sights on Making MicroStrategy a Leading Bitcoin Bank

MicroStrategy aims to become a major Bitcoin-backed bank, following early predictions from Hal Finney.Founder...

Senator Lummis Unveils Crypto Tax Bill With $300 Exemption Limit

Senator Cynthia Lummis introduced a bill to give U.S. crypto users new tax benefits.The...

Must Read

How to Buy VPN With Bitcoin Using CyberGhost VPN

In this step-by-step guide, you will learn how to purchase a VPN (Virtual Private Network) subscription using Bitcoin, a popular cryptocurrency, and CyberGhost VPN,...