📢 BTC - NY PASSED MORATORIUM ON BITCOIN MINE OPERATIONS! 📢
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💬 Hope you guys are doing well today as always, without further a due let's dig into the news. 💬
Thank you guys for tuning in and again please leave a like and follow as it always helps me and stay tuned for more as always!
~ Rock
💬 Hope you guys are doing well today as always, without further a due let's dig into the news. 💬
- New York's Senate passed the Assembly Bill A7389C on June 2. What the bill does as according to the bill's summary; "establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions" and "provides that such operations shall be subject to a full generic environmental impact statement review."
- The bill basically establishes a moratorium which is "a temporary prohibition of an activity." on Bitcoin mining operations which rely on fossil fuels to generate electricity to power and run their operations. An example of this is the Greenridge crypto mine which is one of the nations biggest, owned by private equity firm Atlas Holdings and relies on fossil fuels to run the operation being as it now operates a natural gas powered plant which powers it's 17,000 Bitcoin miners and it has plans to build four new buildings on the property already.
- The moratorium will prohibit New York from giving out/issuing new permits or renewing existing ones to electric companies which use fossil fuels and mine crypto that use Bitcoin's proof-of-work system. It is noted though that operations which are powered completely by renewable energy would not be affected. And also states that the moratorium ends two years after the bill goes into effect so it's not permanent.
- New York has done this as the mining operations are likely to impact/undermine it's environmental goals. There have also been a lot of woes with regards to the impact on emissions the BTC mining could have as well as the impact to water and public health that have been voiced out. The bill itself requires that the Department of Environmental Conservation prepares a report on how much energy the mining operations use/consume as well as where the energy is pulled from and how it can affect the states environmental goal, as well as the impact it could have on emissions, water quality as well as public health and the industry's potential "social and economic cost and benefits".
- Basically the moratorium is gonna give New York the time it needs to evaluate it's Bitcoin mining operations which run on fossil fuels and determine their environmental impact as well as the benefits they could potentially yield bringing in more jobs and economic benefits for the state. So this isn't necessarily a bad thing, they just wanna know what kind of impact the mining is having and whether or not it will be worth it or not.
Thank you guys for tuning in and again please leave a like and follow as it always helps me and stay tuned for more as always!
~ Rock
