The US Takes On Bitcoin Mining on the Pretext of Climate Change

According to the recent reports, Members of the US Democratic Party are more concerned about climate change, and for this purpose, they have introduced multiple legislations. Recently, a lawmaker has urged authorities to permanently ban Bitcoin mining, which is present in New York State. Kevin Parker, who is the Senator from Democratic Party, is of the view that Bitcoin mining is one of the major causes of environmental pollution these days.

Senator Kevin Parker of the US House of Senate has proposed that Bitcoin mining in the State of New York should be banned completely. He said that since mining directly impacts climate and environmental hazards, therefore, it should be suspended for three years maximum.

Parker is not alone in the US who is concerned about climate change. Instead, the local US media as well as the US politicians too are very cautious about environmental pollution caused by Bitcoin mining. They believe that in the near future it will become hard to control environmental pollution. This warrants immediate action to be taken before too much damage is caused, they claimed.

It is a fact that in order to produce a single Bitcoin, too much electricity is consumed. The electricity consumed is made out of resources such as coal, which produces environmentally hazardous smoke.

In the past three years, the US lands have become hotspots for Bitcoin and other cryptocurrency mining activities. Most of the Bitcoin mining platforms are housed in New York State. Politicians from the State of New York are clearly against crypto mining because according to them, mining is energy-intensive.

One of the legislations, which have been proposed by the New York Senate through Parker, is known as “Bill 6486”. In this proposed law, Parker has claimed that the State’s set goals towards climate have been seriously jeopardized because of crypto mining. He also claimed that such activities are in violation of local environmental laws as well as against international energy policy. For instance, it has been referred to in the proposed legislation that crypto mining is in clear-cut violation of the treaty called the “Paris Agreement”.

The proposed bill suggests that a moratorium will be developed for crypto mining operations. Until or unless miners fulfill the criteria laid down by environmental authorities, no mining activity will be allowed. In addition, crypto miners would be required to ensure that they do not in any way jeopardize the state goals with regard to climate change.

The law is not approved and seeks approval from the Senate House’s majority votes. However, in case the law is passed then a 3-year moratorium will be fixed towards crypto mining. However, the law is currently in the process of seeking public comments, which will be completed in four months’ time. In the meantime, Environmental Conservation of New York will be conducting region-wise hearings in the New York State regarding the proposed Bill.