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New crisis in crypto: USA bans Bitcoin mining!

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With the recognition of cryptocurrencies, cryptocurrency mining has also become a topic of discussion. The first step came from the USA, especially against mining, which is claimed to contribute to the climate crisis with the power it consumes. The New York Senate has approved a bill that will block crypto mining processes.

According to the news of Shiftdelete.com, a precious ban came from the New York Legislature for cryptocurrency mining. According to the decision taken on Friday, the mining of digital currencies such as Bitcoin, Dogecoin and Ethereum, which use fossil fuels, will be restricted for two years.

USA DOES NOT WANT CARBON BASED FOSSIL ENERGY

Proof-of-work cryptocurrencies are produced through a mathematical process called mining. With computers, especially video cards, breaking the encryption, proof-of-work cryptocurrencies such as Bitcoin, Dogecoin or Ethereum are earned as a reward. However, the USA wants to prevent this mining from using carbon-based fossil power.

This style of mining bans, which the cryptocurrency industry strongly opposes, seeks to block fossil fuel facilities. Bitcoin mining facilities, on the other hand, said that they are “tired” of being on purpose in relation to the climate crisis.

It should be noted that the new bill will not apply to all cryptocurrency mining operations. The ban exempts operations and grid-use facilities that have proven carbon neutral or have applied for these permits. So only fossil fuel-based mining will be blocked.

“REDUCING THE CURRENT AND FUTURE EFFECTS OF CLIMATE CHANGE”

Not many details were given about the bill, but it was noted that it was the cut of the carbon footprint reduction plan. In the statement in the bill, this decision to be implemented by New York is very valuable for “reducing the current and future effects of climate change”.

“The New York Senate has shown its side for New Yorkers and climate law with the passage of this valuable bill to address crypto mining in fossil fuel power plants,” said a New York spokesperson for the Earthjustice foundation.

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