Following the passage of a measure prohibiting crypto mining in New York State, anti-crypto politicians in the United States have been celebrating their triumph this weekend. The Bitcoin Mining Moratorium was authorized by the New York State Senate on June 3. However, the contentious bill was narrowly passed, with only 57 percent of the total votes in favor. It has not been fully implemented since New York Governor Kathy Hochul must sign it, which is likely this week. After the voting, State Assembly Member Anna Kelles claimed that the bill was a ban, arguing that it would “restrict” specific types of bitcoin mining for two years in the state. The problem is that legislators in the United States have a poor understanding of the crypto sector, mining, and related technology. Jake Chervinsky, the head of policy at the Blockchain Association, explained why the new regulation would have no impact on the environment. 1/ As the anti-bitcoin wing of the NY political establishment takes a victory lap over the passage of its mining ban, remember: It will not help reduce carbon emissions by a single ounce. All it does is push miners to build in other places where NY has no influence over them. — Jake Chervinsky (@jchervinsky) June 5, 2022 Crypto Mining Prohibition Does Not Affect Emissions The crypto lawyer believes that unbeknownst to the phalanx of uneducated legislators, prohibiting crypto miners in one state will force them to reloc...
