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IPFS News Link • Bitcoin

New York Lawmakers Pass Bill Banning New Fossil Fuel Bitcoin Mines

• By Jordan Pearson

Lawmakers in New York passed a bill on Friday that bans new Bitcoin mines that use fossil fuels for a period of two years due to environmental concerns regarding the massive amount of electricity the industry uses. 

Proof-of-Work cryptocurrency mining is what secures the Bitcoin network (and other cryptocurrencies, like Ethereum), with mining firms using up a ton of energy to power specialized computers 24/7 to validate blocks of transaction data. Much of that energy comes from renewable sources, but also from fossil fuels. New York has become a hotbed for mining activity, which critics have said threatens to undermine the state's climate objectives. 

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