Quick take:
- The New York State Assembly is scheduled to vote on a proposed ban on crypto mining activities in the state
- The vote will be carried out on Monday, April 25th
- If successful, the Bill proposed under number A7389C will make New York the first state to ban proof-of-work networks such as those of Bitcoin and Ethereum
- The Bitcoin Advocacy Group is requesting the crypto community in New York to oppose the bill
The State of New York is once again on the cusp of banning crypto mining activities of proof-of-work networks such as Bitcoin and Ethereum. Members of the New York State Assembly are scheduled on Monday, April 25th, to vote on a bill that proposes banning all crypto-mining activities in the state.
The bill, filed under number A7389C, plans to amend the environmental conservation law of the State of New York ‘in relation to establishing a moratorium on cryptocurrency mining operations that use proof-of-work authentication to validate blockchain transactions and to require a comprehensive generic environmental impact statement review.’
In terms of justification, the bill states the following about the alleged disastrous environmental impact of crypto mining.
Block chain technology is an innovative technology that allows for the recording and efficient transfer of information. The information in each environmental issue as well as a social justice issue. We must not go backwards on our commitment, in law, to prevent these disastrous impacts to the residents of New York.
NY State Banning Crypto Mining Could Set a Precedent for Other States
If passed, New York will become the first US state to ban crypto mining.
At the time of writing, there is an online public campaign by the Bitcoin Advocacy Project asking the crypto community in New York to contact their local representative and explain why they are against the bill. The advocacy group warns that banning crypto mining in New York could set precedent for other US states to do the same. They go on to summarizes the campaign as follows:
If this bill becomes law, New York will be forfeiting the unique opportunities Bitcoin mining provides for economic growth and the proliferation of renewable energy. This could set a precedent for states across the country to make the same mistake. Not only would this policy box New York out of the economic benefits of mining, but it won’t do anything to reduce emissions as miners will simply set up operations somewhere else.
New York’s Mayor Has Been Known to be Bitcoin and Crypto-Friendly
The actions of the New York State Assembly are in contradiction to those of NYC’s mayor, Eric Adams, who made headlines for being crypto-friendly particularly during his campaign late last year. In a November 2021 Tweet, Mayor Adams pledged to receive his first three paychecks in Bitcoin when he became mayor.
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
