While human beings remain as, by far, the smartest species in the world’s history, we have shown a clear knack of making mistakes. Now, you can argue that mistakes are integral to our growth, but at times, they can also cause some irreparable damage along the way. This has been proven time and time again, therefore forcing us to look for a reliable defensive cover. We will, on our part, find the exact cover as soon as we bring dedicated regulatory bodies into the fold. The move instantly made us more protected than ever before. However, the said feeling of safety turned out to be a pretty short-lived one, and if we are being honest, it was all technology’s fault. With technology and its layered nature taking over the scene, certain people across the board found themselves having an unprecedented chance to exploit others for their own benefit. Unfortunately enough, these people made the most of it, and consequentially, took us to a point where we had no answer whatsoever for their unscrupulous activities. Nevertheless, after struggling to cope with such an overwhelmingly detrimental dynamic, the regulatory community looks poised to deliver a much-needed response. In fact, a recently-approved legislation does a lot to prove it.
The New York senate has officially passed a bill, which bans all the crypto mining operations that use carbon-based fuel to power the relevant procedures. According to certain reports, the bill takes up a special interest in proof-of-work mining, a methodology cryptocurrencies use to verify new transactions on the blockchain and make new tokens, as it just so happens to be one of the most energy-consuming elements of cryptocurrency. If this bill gets the final approval, it will ban proof-of-work mining, which is predicated upon burning fossil fuels, for at least two years. Notably, though, renewable energy proof-of-work mining businesses will still be able to operate without any hiccups at all. Apart from the two-year ban, the bill also makes it mandatory to conduct a study on how the crypto industry is impacting the state’s drive to achieve the climate goals that were introduced under the Climate Leadership and Community Protection Act and aim at a 85% reduction of greenhouse gas emissions by 2050.
“With this bill’s passage, the legislature has rightly said fossil fuel power plants can’t get a second life in New York just for private industry gain, which would fly on the face of the state’s climate mandates,” said Liz Moran, New York Policy Advocate for Earthjustice.
However, while the bill seems to have all the right objectives, many are not pumped by its long-term effects on New York’s economy.
“This is a significant setback for the state and will stifle its future as a leader in technology and global financial services. More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State,” Boring stated.