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Bitcoin Mining Ban Bill Makes It Out of New York State Assembly Committee
The legislation aims to put in place a two-year moratorium on the kind of crypto mining used to secure the Bitcoin network.
The Environmental Conservation Committee of the New York State Assembly voted on Tuesday afternoon to move along a proposed law that would ban so-called proof-of-work (PoW) cryptocurrency mining for two years.
- The bill was put together under the auspices of the state's Climate Leadership and Community Protection Act, which mandates that New York's greenhouse gas emissions be cut by 85% by 2050, with net emissions being slashed to zero.
- It would effectively ban PoW mining – the energy-intensive process used to secure the Bitcoin (BTC) network – for a period of two years.
- The legislation still requires passage by the entire New York State Assembly and the state's Senate, and then would need to be signed into law by the governor.
- Earlier this month, a similar PoW ban narrowly failed to pass in an EU Parliament committee vote.
STORY CONTINUES BELOW
Read more: After Short-Lived Ban, City in Upstate NY Is Still Reckoning With Crypto Miners
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
