New York’s Plans to Avoid Non-Green Crypto Miners Trigger Opposition from Fellow Lawmakers

A number of industry insiders and lawmakers in the United States are showing resentment over a bill calling for a two-year ban on non-green crypto miners. The bill was proposed by Democrat Anna Kelles and is awaiting approvals from other relevant government committees before being signed into law by the New York state mayor. Opponents of this proposal have proposed giving crypto miners a chance to work first, before banning them and stripping the state economy and employment status.

Democrat Todd Kaminsky, chairman of the Senate Environmental Conservation Committee, is surprisingly among those questioning Kelles’ bill.

“I really believe in a new green economy and in the fight against climate change. The question we need to ask ourselves is, “How much will this law help us achieve our climate goals versus hurting a fledgling industry that I believe will be increasingly critical to the climate. economy of our state? “CoinDesk quoted Kaminsky in reaction to the proposal.

After China banned crypto mining in September last year, much of the industry’s workforce migrated to other countries, including Iran, Kazakhstan, and even the United States. United States.

In July 2021, 35.4% of Bitcoin miners were operating from the United States, the Cambridge Center for Alternative Finance revealed last year. That’s a 428% increase from September 2020, making the US the biggest hotbed for crypto miners.

In fact, the states of New York, Texas, Georgia and Kentucky have become popular hosts for crypto miners, CNBC reported last year citing data from Foundry USA.

In the United States, 19.9% ​​of BTC miners are in New York, 18.7% in Kentucky, 17.3% in Georgia and 14% in Texas.

Other lawmakers opposed to this crypto bill include Assemblyman Clyde Vanel, a Democrat from Queens, and Senator Jeremy Cooney, a Democrat from Rochester.

Vanel cited job losses as his main concern that will occur if crypto miners in New York State are banned for not going green.

“I myself was skeptical about the ability of crypto mining to create quality jobs until I went to see these places for myself. But then I saw people without higher degrees do jobs leading to higher degrees. There’s all this economic activity. We have to make sure that we work with industry to create change if we don’t want to push industry out of New York into d ‘other states,’ Coindesk said.

Cooney and Vanel also spoke at a rally organized by the Blockchain Association in Albany in the United States.

Meanwhile, the proposed rule states that the New York Department of Energy “will not approve a new application or issue a new permit for an electric generating facility that uses a carbon-based fuel and which provides, in whole or in part, behind-the-meter electrical energy consumed or used by cryptocurrency mining operations that use proof-of-work authentication methods to validate the blockchain transaction”.

The rule is meant to be applied only to new and upcoming crypto miners who want to operate out of state. Previously installed installations are not affected by this rule.

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