Crypto-mining may become illegal in New York for the next three years if a new bill introduced in the Senate on Monday is passed. Aimed at tackling climate change and the negative impact of crypto-mining on the environment, Bill 6486 was brought about by state Sen. Kevin Parker who is known for similar climate change-related bills. As per analysts, crypto-mining has a global carbon dioxide footprint of over 53 megatons annually which equals Sweden’s yearly emissions.
If this bill is passed, government officials will try to measure the greenhouse gas emissions due to mining, and the results would be shared with the public. It would also be subject to a four-month comment period, allowing lawmakers to get an idea of the extent to which mining affects the environment, paving the way for even more regulations pertaining to crypto-mining.
Cryptomining is most prominent in Dresen and Alcoa where miners have turned decrepit power plants into large mining farms. Although some of these plants still provide some power to the grid, most of them are used for running large-scale mining farms which have caused concerns among environmental advocates.