They propose to suspend cryptocurrency mining in New York

New York lawmakers are preparing to amend the state’s Environmental Conservation Law and are proposing to suspend cryptocurrency mining operations that use the proof-of-work (PoW) authentication protocol to validate business activities of blockchain technology.

Anna Kelles is the legislator who proposed bill A7389C and is the one who leads the assembly members who are studying to approve the suspension for at least two years in the New York state, alluding to environmental concerns.

The defenders of cryptocurrencies, including the Blockchain Association and the Council for the Innovation of cryptocurrencies, are very aware of the Assembly’s vote, which has not yet published the specific date on its official website, due to the consequences it will generate in the ecosystem. crypto in the global world.

Innovative technology with environmental impact

Different educational institutions around the world have carried out studies on the environmental impact of cryptocurrency mining. The University of Cambridge conducted an investigation in which it determined that the bitcoin network uses more than 121 terawatt-hours (TWh) per year and when compared to the consumption of the countries, it is among the top 30 electricity consumers in the world.

In the framework of the environmental impact produced by cryptocurrency mining, some New York assembly members propose the reform of the law and point out that the discussions should be framed in a “complete review of the generic environmental impact statement, within the framework of the objectives of Climate Leadership and Community Protection (CLCPA) established in the statute in 2019”.

Lawmakers admit that the underlying technology in the blockchain is “innovative” that facilitates “the efficient recording and transfer of information”. However, they also recognize the link it has with the environment and “social justice”. Hence, the concern about “rolling back on commitment to prevent disastrous impacts to New York residents.”

M. Rodríguez

Source: crypto247.com