Bitcoin’s rallies have brought the crypto industry to the fore of financial services, but it has also presented environmental issues. Bitcoin mining has shot up due to increased demand for the world’s oldest cryptocurrency.
But the discourse is gradually turning on the energy consumption of the premier digital asset.
Bill To Prohibit Crypto Mining Introduced
Following energy concerns elicited by Bitcoin mining, a new bill was introduced at the New York State Senate to address the energy consumption of Bitcoin mining centers.
The bill called New York Senate Bill 6486 and introduced by Senator Kevin Parker aims to stop crypto mining plants from working until their environmental impact can be determined.
The bill has been sent to the State Senate’s Environmental Conservation Committee for further review.
According to the bill’s provisions, all crypto mining firms would observe a three-year hiatus wherein the state would conduct a comprehensive survey of the environmental impact of the firm’s greenhouse gas emissions from mining cryptocurrencies.
It will also look into the likely impact on water quality, air quality, and the wildlife in the env