The crypto alarm bells are sounding in the state of New York, as the legislature has proposed a new bill that could ban Proof-of-Work mining for at least two years. The bill goes in line with the state’s latest green initiative.
Even though it is yet to be confirmed when the state is about to discuss the given bill, their official website states that it would establish “a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.”
Many a crypto initiative have taken to their social media to protest the new bill. Crypto Council for Innovation has written on their Twitter:
“New York’s proposed moratorium on proof-of-work [...] puts innovation on the back burner. It would have significant implications for the security of major crypto protocols.”
Blockchain Association has also let itself be heard via the social media, saying: “The NYS legislature is preparing to ban PoW mining… we’re calling on all pro-tech, pro-innovation, pro-crypto NYS residents to make their voices heard.” The association has also started an initiative to save NY state jobs connected to cryptocurrencies and PoW Mining.
If passed, the bill would pose a blow to the NY state mining infrastructure. The residents can only hope now and put pressure on the state senate to thwart the bill’s passing. Earlier this year, the European Union was unsuccessful in similar endeavors, and the community hopes this case will follow in its footsteps.