Members of the New York State Assembly’s Environmental Conservation Committee voted to continue with legislation that would ban Bitcoin’s proof-of-work (PoW) mining operations in the state for a period of two years, Bloomberg reported on Tuesday.
New York Bill to Ban Bitcoin Mining Advances
However, the legislation has not been passed into law as of yet, pending approval from the entire Assembly and Senate and also signed by Governor Kathy Hochul.
“The assembly bill would establish a moratorium on cryptocurrency mining operations that uses proof-of-work authentication methods to validate blockchain transactions,” the report said.
The move comes a week before a March 31 deadline for the state to decide on “whether to grant pollution permits to a power plant in upstate New York that provides electricity to Greenidge Generation Holdings Inc.’s crypto mining operation.”
A Global Crackdown on Bitcoin Mining?
Global regulators have also largely cracked down on Bitcoin mining operations in recent times due to its supposed environmental effects. The European Parliament (MEPs) recently voted 32-24 against passing a bill that would ban Bitcoin PoW in the European Union (EU).
This also comes months after China launched a nationwide crackdown on crypto mining operations, forcing miners to seek friendlier climes in other countries.
U.S. States Embracing Crypto
Meanwhile, few other U.S. states such as Miami have been embracing crypto and imposing crypto-friendly regulations to accommodate the nascent asset class.
In November 2021, Miami Mayor Francis Suarez became the first US politician to receive his paycheck in bitcoin. Suarez went on to announce that residents will use the cryptocurrency as a payment method to pay for things such as fees and taxes while workers will also receive their paychecks in BTC. The state also launched its own digital currency dubbed MiamiCoin (MIA).
Similarly, Coinfomania reported last month that Colorado residents will be able to pay taxes using crypto by the end of the summer following an announcement from governor Jared Polis.
In January, Arizona state Senator Wendy Rogers proposed a bill to the state’s lawmakers to make Bitcoin a legal tender. Meanwhile, at the federal level, U.S. President Joe Biden recently signed an executive order outlining different measures the country would use to promote “responsible innovation in digital assets.”
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