Environmental Concerns are causing New York to decide on whether or not to ban proof-of-work cryptocurrency mining

Environmental Concerns are causing New York to decide on whether or not to ban proof-of-work cryptoc ...

The ongoing debate over Bitcoin mining's extensive environmental footprint has prompted New York legislators to debate banning proof-of-work mining for two years.

Legislators in New York will impose a two-year moratorium on proof-of-work cryptocurrency mining. It is referred to as a consensus algorithm, which validates a cryptocurrency transaction by permitting individuals to compete to add new blocks. The algorithm typically increases each computer's electricity usage based on the complexity of these computer puzzles, as virtual miners vs. the first to complete these challenges.

Bitcoin is the most famous example of a blockchain network that uses the proof-of-work consensus algorithm.

The New York state is also seeking an environmental impact statement on crypto mining proof-of-work, which will cover (1) how many cryptocurrency mining operations in the state that depend on proof-of-work, (2) how many projects are located, (3) how much energy is consumed by each cryptocurrency mining project, (4) how much energy is generating each mining project, and (5) the consequences of mining.

The environmental impact statement will also examine the general benefits and costs of crypto mining in the United States, along with the public health impacts of crypto mining.

Pro-crypto groups have urged politicians not to pursue the bill, which they believe will dissipate innovation in emerging technologies. The bill will likely go for a vote in the Assembly soon, which will require Senate approval and approval, according to the governor.

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