{"id":457075,"date":"2022-06-03T11:15:54","date_gmt":"2022-06-03T08:15:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-york-state-senate-passes-bitcoin-mining-moratorium\/"},"modified":"2022-06-03T11:15:54","modified_gmt":"2022-06-03T08:15:54","slug":"new-york-state-senate-passes-bitcoin-mining-moratorium","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-york-state-senate-passes-bitcoin-mining-moratorium\/","title":{"rendered":"# New York State Senate passes Bitcoin mining moratorium"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a22eacfda54c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a22eacfda54c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-york-state-senate-passes-bitcoin-mining-moratorium\/#%E2%80%9D_New_York_State_Senate_passes_Bitcoin_mining_moratorium_%E2%80%9C\" >&#8221; New York State Senate passes Bitcoin mining moratorium  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_New_York_State_Senate_passes_Bitcoin_mining_moratorium_%E2%80%9C\"><\/span>&#8221; New York State Senate passes Bitcoin mining moratorium  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The New York State Senate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nysenate.gov\/legislation\/bills\/2021\/a7389\/amendment\/a?intent=oppose\">approved <\/a>a controversial proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin (BTC) mining operations in the state.<\/p>\n<p>The PoW mining ban bill was first passed by the state assembly in April last month. It aims to prohibit any new mining operations in the state for the next two years. Now, the bill is headed for the governor\u2019s office, which once <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved, would make New York the first state in the United States to place a moratorium on cryptocurrency mining.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/cd301a64-9eb0-4f1b-ae0b-67d8078c78ef.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Status of the bill as of June 3. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nysenate.gov\/legislation\/bills\/2021\/A7389\"><\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nysenate.gov\/legislation\/bills\/2021\/A7389\">New York State Senate<\/a><\/em><\/figcaption><\/figure>\n<p>PoW mining consensus is predominantly used by Bitcoin miners and is considered one of the safest and most decentralized ways of mining. However, the practice is controversial as it requires an incredibly high amount of energy.<\/p>\n<p>The vote on the bill saw many senators flip from undecided to in favor, claiming they are concerned about carbon emissions. <\/p>\n<p>The bill would not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.<\/p>\n<p>Bitcoin\u2019s mining consensus mechanism has been one of the hottest topics of debate among policymakers aided by environmentalist and billionaire lobbies supporting proof-of-stake mining consensus, which is far less energy intensive. Greenpeace, as well as Ripple co-founder Chris Larsen have been campaigning for a change of the Bitcoin code.<\/p>\n<p>Policymakers often only focus on the high energy consumption by Bitcoin miners, ignoring the fact that a significant chunk of this energy comes from renewable sources, especially in New York where 50% of the energy is produced from renewable sources.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>NY State Supreme Court dismisses petition against crypto mining company<\/em><\/strong><\/p>\n<p>Criticism of PoW mining gained steam last year at the peak of the bull run. However, by the end of the last year, a MicroStrategy-led Bitcoin mining council report highlighted that more than 60% of the electricity consumption by the BTC network comes from clean sources.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/95b5471d-abaf-4c83-aeb9-421c953a7da1.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Sustainable energy usage by Bitcoin vs other industries. Source: BMC<\/em><\/figcaption><\/figure>\n<p>The European Parliament proposed a similar PoW mining ban, however, it amended the proposal to remove the ban amid growing public scrutiny.<\/p>\n<p>Experts believe New York\u2019s decision to ban PoW mining would create a domino effect and other states might follow. The U.S is currently the world leader in Bitcoin mining hash rate, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.jbs.cam.ac.uk\/insight\/2022\/bitcoin-mining-new-data-reveal-a-surprising-resurgence\/\">accounting<\/a> for 38% of the network\u2019s mining power.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-york-state-senate-passes-bitcoin-mining-moratorium\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; New York State Senate passes Bitcoin mining moratorium &#8220; The New York State Senate approved a controversial proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin (BTC) mining operations in the state. The PoW mining ban bill was first passed by the state assembly in April last month. It aims to prohibit&#8230;<\/p>\n","protected":false},"author":1,"featured_media":457076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZGM1NjI0YjYtYzEyNC00MzE4LTg2YTAtNjFlNWE0YWM3YWFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75834,3885,70934,67874],"class_list":["post-457075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-pow","tag-new-york","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/457075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=457075"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/457075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/457076"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=457075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=457075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=457075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}