An initial proposal that would have suspended all crypto mining in New York has been amended by senators to exclude green energy projects, which should be eligible to power mining operations in the state.
The bill was passed in the state Senate on Wednesday and signals a growing environmental consciousness among legislators and crypto enthusiasts who acknowledge that the sustainability and long-term success of crypto may now hinge on how green the energy powering those currencies is.
Originally, SB 6486A would have suspended all mining for three years to carry out an environmental impact assessment and see how much bitcoin, and other currencies using a proof-of-work concept impact the environment in the tri-state area.
Last-minute amendments did come to the rescue, with a slightly re-worked alternative arguing that firms that use carbon-based fuels as sources of mining will be the only ones to come under the ban.
However, the amended bill is also completely removing the three-year period and focusing on suspending all non-eco-friendly mining completely. New projects that fail to use non-renewable energy sources to mine cryptocurrencies will not be allowed to operate in the state.
New York is keen to achieve the goals set by the so-called Protection Pact, which seeks to slash emissions by 85% by 2050 and achieve zero net emissions from all economic sectors. The green push among stakeholders is already shifting business strategies.
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