Bitcoin Mining Ban Bill Makes It Out of New York State Assembly Committee

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.

Unmute

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

00

11

58

36

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.

10 Years of Decentralizing the Future