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Bitcoin Mining Ban Bill Makes It out of New York State Assembly Committee

The bill aims to put in place a two-year moratorium on the kind of crypto mining used to secure the Bitcoin network.Read MoreFeedzy

The Environmental Conservation Committee of the New York State Assembly voted on Tuesday afternoon to move along a proposed law that would ban so-called proof-of-work (PoW) mining for two years.

The bill was put together under the auspices of the state’s Climate Leadership and Community Protection Act, which mandates that New York State greenhouse gas emissions be cut by 85% by 2050, with net emissions being slashed to zero.

It would effectively ban PoW mining – the energy-intensive process used to secure the Bitcoin (BTC) network – for a period of two years.

The legislation still requires passage by the entire New York State Assembly and the State Senate, and then would need to be signed by the governor, in order to become law.

Earlier this month, a similar PoW ban narrowly failed to pass in an EU Parliament committee vote.

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