New York becomes the first U.S. state to impose a two-year moratorium on any kind of proof-of-work mining activities.
. The bill was finally signed into law by governor Huchkul owing to pressure from lobbyists and to meet its carbon emissions targets. Huchkul wrote:
“I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment,” PoW mining consensus is predominantly used by Bitcoin miners and a few other altcoins. It is considered one of the safest and most decentralized ways of authenticating a transaction on a blockchain. However, the practice has been marred by controversies over its high amount of energy consumption.
The United States currently sits at the top of Bitcoin mining hashrate share by country with 37.8% of Bitcoin network hashrate coming from the U.S. The two-year moratorium on PoW mining can prove costly and even create a domino effect for other states to follow on a similar path.post“The state’s argument the mining industry’s energy use is exponentially beyond other industries is blatantly false.
The PoW mining FUD is nothing new and has been debunked many times over, however, there has been a significant lobbying effort over the past year, especially from the proponents of proof-of-stake mining. Greenpeace and Ripple co-founder Chris Larsen has been campaigning for aLawmakers on the other hand have conveniently sidelined available research reports that a significant chunk of Bitcoin mining energy comes from renewable sources.
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