Search Inside Bitcoins

New York gubernatorial candidate cans for Bitcoin mining ban

New York Lawmakers Push for a State-Wide Digital Asset for Payments  
New York Lawmakers Push for a State-Wide Digital Asset for Payments  

The aspiring governor for the state of New York, Jumaane Williams, has addressed the issue of crypto mining in the state. Williams criticized the lack of regulatory clarity in the market.

The US is currently the largest hub for Bitcoin mining. After China banned mining activities, large mining firms moved to the US to leverage the abundance of renewable energy sources.

New York gubernatorial candidate opposes PoW mining

The federal and state elections in the US are only nine months away, and candidates are not establishing the basis of their campaigns. Williams seems to be making crypto mining one of the main issues he will address in his campaign trail.

Williams has urged the current governor of New York, Kathy Hochul, not to issue permits to crypto mining firms using proof-of-work models. He noted that PoW mining harms the environment and it was also detrimental to the economy.

Williams referred to the ban on crypto mining in China. Last year, China banned crypto mining activities. “We need to ask questions now rather than dealing with the fallout later by creating the right infrastructure to protect Seneca Lake and all of New York state from harmful economic and environmental impacts.”

Crypto mining in New York

Mining operations in New York have increased significantly, and some politicians and activists have targeted miners in Seneca Lake and the state. In June, a proposed bill that would ban mining for three years failed to pass.

Punt Crypto Casino Banner

One of the mining firms operating in Seneca Lake is the Greenidge Generation Bitcoin plant. The firm has stated that it will use 88 megawatts of energy for crypto mining in 2002. However, its operations in the region have not been smooth.

Several residents at Seneca Lake have stated that the firm’s presence caused environmental harm, including affecting some fish species in the lake. However, the mining firm has denied these claims.

The mining firm’s operations have also been opposed by Basil Seggos, the Commissioner of Environmental Conservation in New York. In September, Seggos stated that Greenidge failed to comply with New York’s climate law due to its Bitcoin mining activities.

Your capital is at risk.

Read more:

Read next

X

eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

Buy Crypto

68% of retail investor CFD accounts lose money.

eToro - Best Cryptocurrency Platform
Buy Crypto

68% of retail investor CFD accounts lose money.

X