New York Senate Passes Bill Targeting Bitcoin’s Proof-of-Work Mining
To address some of the environmental issues surrounding cryptocurrencies, the New York State Senate passed a bill targeting proof-of-work (PoW) mining early Friday morning
PoW method of consensus is used by Bitcoin (BTC) and some other crypto projects to validate transactions.
The bill, which was passed by the state Assembly last month, would put a two-year moratorium on any new carbon-based fuel-powered PoW mining ventures in New York
However existing mining companies or those in the process of renewing their permits would be permitted to continue operating. The measure passed the Senate with a 36-27 majority.
According to Sen. Kevin Parker, the legislation’s Democratic sponsor, there is now just one such facility in operation, which would be unaffected by the law
He also mentioned that one pending application might be placed on hold until the research is completed.