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New York Bans Some Crypto Mining Operations For Two Years

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New York became the first state to impose a temporary moratorium on new cryptocurrency mining permits at fossil fuel factories to address environmental concerns about energy-intensive activities.

The bill, signed into law by Gov. Kathy Hochul on Tuesday, is the latest setback in a tumultuous month for the crypto industry, which has lobbied hard to oppose it, but left-leaning lawmakers and environmental activists. failed to overcome a successful push by the coalition of

The bill would impose a two-year moratorium on cryptocurrency mining companies seeking new permits to convert some of the state’s oldest and dirtiest fossil-fuel factories into digital mining operations. New York State should also examine the industry’s impact on the state’s efforts to reduce greenhouse gas emissions.

The move in New York comes months after China cracked down on activity last year and offered tax breaks in hopes that other states would adopt more industrialized policies and attract cryptocurrency mining businesses. rice field.

didn’t come at the worst time

However, we have come to a time when the cryptocurrency sector is experiencing severe turmoil and may be at a crossroads.

Cryptocurrency exchange FTX declared bankruptcy earlier this month after a rapid public collapse. The death of a once-trusted player in the new market raises broader concerns about the exchange’s future and possible criminal charges against its principal, Sam Bankman-Fried.

Bankman-Fried was lobbying New York regulators to allow his exchange to operate in the state. He’s also a major Democratic contributor who donated $1 million to Super PAC, which helped Ms. Hochol’s running mate, Antonio Delgado, win the primary earlier this year.

The spending drew criticism from Ho-chul’s political opponents. They argued it was a sign the industry was trying to pressure the governor to veto the mining moratorium.

The legislation was passed late in this year’s legislative session, which ended in June, after successful lobbying involving upstate winemakers and other interested business owners, where many of the existing mining operations are located.

Ho-chol has not spoken publicly about whether she supports the bill for months, and her office is reviewing the bill, weighing concerns that the moratorium will stifle economic activity in the region. said there is. Crypto industry groups across the country lobbied the governor’s office strongly against the temporary ban, fearing other states would follow New York’s example and impose moratoriums and other restrictions.

Hochol avoided polarizing issues by staying away from the bill during the general election, but faced a tough challenge from Republican Rep. Lee Zeldin, who opposed the bill and called it anti-business. .

Mr. Horchul, a Democrat from Buffalo, narrowly defeated Mr. Zeldin two weeks ago. She has since shifted her focus to hundreds of bills that must be signed or rejected by the end of the year, including a moratorium.

In a memo explaining his support for the bill on Tuesday, Ho-Chol recognized the “importance of creating economic opportunities for marginalized communities” as the first governor from the northern state nearly a century ago. I said that there is.

But she called the bill “It’s an important step for New York as it works to address the global climate crisis.”

Bitcoin’s environmental impact

Bitcoin mining is a key component of the cryptocurrency economy. This is the process by which powerful computers solve complex mathematical formulas to validate transactions. Also, while amateurs were once able to mine coins at home, as the popularity and value of Bitcoin has grown, the complexity of the equations and the energy required to solve them has increased.

However, environmentalists have long argued that the value of the cryptocurrency mining business does not justify the environmental costs. The process consumes so much electricity that China banned it last year to meet its climate goals.

In a statement, the digital chamber of commerce, a crypto advocacy group, accused the bill of unfairly targeting the cryptocurrency industry, saying, “So far, we have seen other industries in the state I’ve never been sidelined like this before.” It is dangerous to set dangerous precedents in deciding who will exercise power and who will not. Proponents of the bill said the law would not affect existing mining facilities or shut down all crypto mining activity in the state, but would seek permission to power fossil fuel plants. Emphasis is placed on leaving those directly connected to the power grid alone. Or use unaffected renewable energy sources.

On Tuesday, supporters of the bill celebrated the signing and saw New York’s action as a hopeful sign that would set the tone for other states considering regulation.

“This bill will provide a much-needed pause in the current trend of buying old New York power plants for corporate profit, and will help us properly assess the impact this industry has on our climate goals before it is too late. allows us to evaluate the Democratic Rep. Anna Keres, who supported the bill in the House of Representatives, said in a statement Tuesday. “Restarting old, decommissioned power plants that use fossil fuels as an energy source is a step back and we cannot afford to do so.”

IMPT: Impact Project Presale

In recent years, there has been a dramatic increase in the number of people interested in environmentally friendly and responsible investment.

Due to the growth of ESG, many companies and corporations are now actively investing in institutions and companies that are making great efforts to address global environmental issues. Many investors dismiss a company as a bad investment if they can’t prove that the company is environmentally friendly enough.

A brand new cryptocurrency initiative called IMPT capitalizes on the growing importance of environmental, social and governance (ESG) issues. We aim to use blockchain technology to greatly improve the current state of carbon credits and distribute them to people to change their buying habits.

Customers are rewarded with carbon credits for eco-friendly purchases

Customers who shop on the IMPT platform will be rewarded by both the platform and the business of their choice if they are ESG conscious. But the focus of the movement towards responsible consumption is consumers, not businesses.

This allows the IMPT team to significantly expand the coverage of carbon credits. Previously, carbon credits were only used as a financial incentive for companies to reduce pollution, but this new approach allows people to benefit from living greener lives. I can.

Would you like to invest in IMPT?

Due to the popularity of pre-sales increasing day by day, the initial public offering (pre-sale) of IMPT tokens has already successfully raised $13 million. So, still offered at a heavily discounted price, this coin is definitely an ideal investment option at the moment.

Impt.io is a cutting-edge cryptocurrency project aimed at connecting people and organizations interested in reducing their carbon footprint.

The market for carbon credits is expected to grow significantly in 2020 and beyond, providing investors with significant opportunities to offset their carbon footprint while making a profit.

Blockchain technology powers the decentralized carbon credit exchange Impt.io. This marketplace allows users to buy her NFTs in the form of carbon credits.

A visit to the IMPT website will reveal that a pre-sale of tokens is currently underway, and investors can participate by purchasing with fiat currency, ETH, or USDC.

The token cost is currently $0.023, but is expected to rise to $0.028 during the next stage of the presale. This shows that early investors will receive significant rewards just for believing in this idea during the pre-sale stage.

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New York Bans Some Crypto Mining Operations For Two Years

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