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New York seeks to ban bitcoin mining over power consumption

As part of its Climate Leadership and Community Protection Act, the state has called for a 40% reduction in greenhouse gas emissions over 1990 levels by 2030. That rises to 85% and net-zero emissions in all sectors of its economy by 2050. The cryptocurrency mining bill added, The continued and expanded operation of cryptocurrency mining centers 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. The bill applies to existing and proposed mining operations. In addition to a cumulative impact assessment on greenhouse gas emissions, it would also include a review of any impacts on water or air quality, or wildlife. Reviews would include a 120-day public comment period.

Can Dirty Crypto Turn Clean and Green?

Bitcoin and other cryptos have an energy use problem to tackle

Exploring innovative digital solutions is among the preeminent pursuits for individuals, companies… and nations. Among these is cryptocurrencies - digital currencies known for revolutionizing online fund transfers, given their decentralized, transparent and flexible structure. And yet, cryptocurrencies are known for their drawbacks, making them a hot potato issue in many countries. Of these drawbacks is the staggering energy consumption throughout the cryptocurrency mining – a process of earning new cryptocurrency by solving sophisticated mathematical equations via proof-of-work, which is one of the transaction validation mechanisms. The cryptocurrency mining industry is massive, and stats suggest it broke a more than three-year record in February, as it generated almost $1.4 billion, rising 21 per cent from January. The rise is linked with the recent peak in cryptocurrency demand, which also increased the industry s energy consumption, creating a dilemma many wonder what to do

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