Will Banning Bitcoin Mining in New York Really Reduce Carbon Emissions?
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Answer Will Banning Bitcoin Mining in New York Really Reduce Carbon Emissions?
The New York State Senate has passed a bill calling for a ban on bitcoin mining in New York, pending full approval if signed by the state’s governor.
Lawyer “Chervinsky” has accused politicians and lobbyists of banning Bitcoin in New York State due to good performance policies that are dangerous to the environmental and economic sustainability of the United States of America.
Will Banning Bitcoin Mining in New York Really Reduce Carbon Emissions?
Mr Chervinsky has taken to Twitter to criticize the mining ban in New York State due to environmental concerns.
According to him, lawmakers in New York will trigger the migration of Bitcoin (BTC) miners to other US jurisdictions, and this is clearly the last thing that will help reduce the country’s carbon footprint.
Chervinsky adds that in these jurisdictions, miners will evade environmental regulations, or at least some of them.
As such, only a small group of New York environmentalists will benefit from implementing this ban.
Good policy requires factual thinking and an honest analysis of costs and benefits, opportunities and risks, and first- and second-order effects.
Banning mining in New York will do none of that, and it is just a moral victory for a few, which is divorced from reality.
Also, implementing this strict ban is likely to end the prospects of New York’s leadership in adopting the new technology.
As such, New York State is on the cusp of a devastating political blunder, and Governor Cathy Hochhol must veto the ban to not only support the Web 3 industry but the entire state’s economy.
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Bitcoin mining and other Proof of Work (PoW) operations may be banned in New York this June, as the bill has already been approved by the state legislature and passed on to the governor.
Industry representatives, including Galaxy Digital’s Amando Fabiano, fear the ban will set a dangerous precedent for other US states and territories.
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