The New York State Assembly will vote next week on a proposal to ban PoW cryptocurrency mining. The bill was approved by the House of Representatives in March of this year.
The bill aims to suspend cryptocurrency mining using the PoW algorithm, such as Bitcoin and Ether, with the main issue raised being the economic impact of energy-intensive crypto mining. Voting on the bill will begin at the April 25 session of the Assembly.
On March 23, the New York State Assembly Environmental Protection Committee voted to approve a proposed law that would ban PoW cryptocurrency mining for two years. The bill, enacted under the auspices of the state's Climate Leadership and Community Protection Act, calls for an 85 percent reduction in New York's greenhouse gas emissions and a net reduction to zero by 2050.
The proposed bill would effectively ban PoW mining with a two-year moratorium. The legislation still needs to pass the entire New York State Assembly and State Senate before being signed into law by the Governor.
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