- A bill is to be voted on in New York to decide on the future of proof of work mining in the state
- Meanwhile, Texas congressman Pete Sessions has mooted crypto to rebuild energy independence in the US
There is a bill – A7389C – waiting to be voted on in the New York State Assembly, after which, if approved, will go for confirmation in the Senate. The bill is crucial as it could define New York's future as cryptocurrencies are concerned. In particular, the bill opposes the enactment of a moratorium to halt all proof of working mining-related activities temporarily.
This bill was proposed in line with the enforcement of the Climate Leadership and Community Protection Act, which targets to cut down greenhouse emissions in New York by 85% by 2050. The Act also requires that the state gets 100% emission-free electricity by 2040.
"The continued and expanded operation of data centers running proof-of-work authentication methods to validate blockchain transactions will greatly increase the amount of energy usage in the State of New York, and it is reasonable to believe the associated greenhouse gas emissions will irreparably harm compliance with the Climate Leadership and Community Protection Act in contravention of state law," a section of the proposed piece of legislation says.
The future of Bitcoin mining is at stake
If this bill is a go, then proof of work mining operations that employ fossil fuels will be effectively banned for three years.
Not all have gone down happy with the recommendation to ban crypto. Some residents of the city have written a petition asking citizens to reject the proposed bill as it would result in New York missing out on the proliferation of renewable sources of energy and the economic benefits of BTC.
"If this bill becomes law, New York will be forfeiting the unique opportunities Bitcoin mining provides for economic expansion and the proliferation of renewable energy. This could set a precedent for states across the country to make the same mistake," the petition read.
Interestingly, while the focus reigns on the increased pressure on the governor to outlaw mining, remember the state has a crypto enthusiast for a mayor in Eric Adams.
Bitcoin for America's energy independence
As expected in the political class, opinions vary significantly, and such is the case in crypto matters.
While New York's political class is worried about the impact of crypto's energy use on the environment, congressman of the 17th district of Texas, Pete Sessions, sees BTC as a vital component in building America's "energy independence."
Sessions' tweeted opinion received a lot of reaction, largely geared toward environmental concerns but also retweeted by Bitcoin optimist Senator Cynthia Lummis, who got in on Bitcoin at $300. Notably, congressman Sessions' Texas state has seen some of the best flourishing marketspaces around crypto mining; supports mining with cheap electricity and a positive regulatory mood.