June 15, 2021

Senator from New York proposed to ban cryptocurrency mining for three years

Kevin Parker claims that mining digital currencies has a negative impact on the environment.

Chairperson Senate Energy and Telecommunications CommitteeNew York State Kevin Parker introduced a bill that proposes a moratorium on mining cryptocurrency using electricity generated by burning fossil fuels in the state for a period of three years. The senator argues that the mining of cryptocurrency should be banned to reduce the negative impact on the environment. The document was publicly endorsed by Rachel May, Chair of the Rural Resources Legislative Commission.

“One cryptocurrency transaction uses the same amount of energy that the average American household uses in one month,” the document says.

Also, the bill introduces a number of rules, whichmust match the mining farm. Only those facilities that comply with the Climate Leadership and Community Protection Act will receive work permits.