NY governor undecided on fossil-fuel mining bill

New York Governor Kathy Hochul has still not decided whether she should sign a new cryptocurrency mining bill in to force, which is designed to make the practice greener.

While legislators have agreed with the measure, governors in the US are a final deciding factor in passing a law of any kind.

In this case, the governor may choose to enact the bill, but the again – she may veto it and send it back to legislature for review.

The bill would trigger a two-year moratorium that would suspend any Bitcoin (BTC) mining and that of similar proof-of-work cryptocurrencies that are powered by fossil-fuel energy sources.

Cryptocurrency mining has been a hot-button issue for many legislators. Particularly, proof-of-work cryptocurrencies such as BTC tend to consume too much energy.

In fact, the annual mining energy used to produce cryptocurrencies based on the proof-of-work concept consume more than entire countries in some cases.

New York is exposed to climate change, which is why some lawmakers are pushing for greener practices altogether. Many believe cryptocurrency mining should not be exempt.

“There is a balancing act involved here, very much a balancing act We have to balance protection of the environment, but also protect the opportunity for jobs that go to areas that don’t see a lot of activity, and making sure that the energy that’s consumed by these entities, is managed properly”, Hochul said.

However, New York State will be attempting to reduce its green emissions by 85% by 2025 in a bid to avoid a climate catastrophe.

In the meantime, you don’t have to worry about green emissions for simply holding cryptocurrencies. You may use them at recreational gaming sites such as 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 06/08/2022 — 11:00