The Energy and Telecommunications Commission head of the New York State Senate, namely Mr Kevin Parker, recommended a bill to introduce a moratorium on mining cryptocurrencies using electricity generated by applying fossil fuels in the state for an extended period of at least three years.
The senator asserts that the mining of cryptocurrency should be prohibited in order to reduce the negative effects on the environment. The paper was publicly supported by Rachel May, who is the head of the Rural Resources Legislative Committee.
“A single cryptocurrency transfer uses a bigger amount of electric power that an average American household consumes in one month,” the document reads.
Furthermore, the bill proposes a number of rules that crypto mining facilities must conform with.
Only those farms that abide by the so-called Climate Leadership and Community Protection Act will be given operation permits, the paper proposes.
We remind that a recent police investigation in relation to a coal mine accident caused a temporary decline in crypto mining activities in China, seriously damaging the Bitcoin mining output and reflecting the price rate of the cryptocurrency.
