<p>In bad news for Bitcoin and Blockchain lovers, the New York State on Friday passed a bill to halt new permits for certain fossil fuel power plants to be used in Bitcoin mining.</p>.<p>The measure establishes a two-year moratorium on new permits for cryptocurrency mining operations that use proof-of-work (PoW) authentication methods to validate Blockchain transactions.</p>.<p>The measure also initiates a study on the environmental impact mining facilities are having in New York state.</p>.<p>The Senate voted 36-27 in favour of the new bill.</p>.<p>It now goes to the desk of Governor Kathy Hochul, who could sign it into law or veto it, reports <em>The Verge</em>.</p>.<p>Hochul reportedly received a $40,000 donation last month from a chief executive of a company that runs a former aluminium plant turned crypto-mining facility.</p>.<p>The bill was passed by the NY state Assembly last month.</p>.<p>It would impose a moratorium on any new PoW mining projects powered by carbon-based fuel in the state.</p>.<p>However, existing crypto mining operations undergoing the permit renewal process would be allowed to continue.</p>.<p>According to <em>Coindesk</em>, mining companies based in New York have threatened to leave the state if the moratorium is passed.</p>.<p>The bill "is a grim day for blockchain technology, effectively shutting the door on a nascent industry," said Clark Vaccaro, acting president and chief strategy officer at industry trade organisation BaSIC.</p>.<p>"The regulatory environment in New York will not only halt their target -- carbon-based fuel proof of work mining -- but will also likely discourage new, renewable-based miners from doing business with the state due to the possibility of more regulatory creep," John Warren, CEO of institutional-grade bitcoin mining company, GEM Mining, told CNBC.</p>.<p>Bitcoin (BTC) mining is a very electricity-intensive process. A recent study has shown that a single Bitcoin transaction consumes about 2165 kWh of electricity which a regular household in the US would use in 74 days.</p>.<p>One of Botcoin's core features, its proof-of-work (PoW) consensus mechanism, is every miner's headache. PoW requires them to solve complex equations for a share of newly-mined coins.</p>.<p>PoW has also come under criticism for its environmental footprint and critics hold that it is a wasteful and unsustainable crypto for the universe.</p>.<p>Studies have shown its carbon emissions to match those of entire nations.</p>.<p>One of the studies estimates that Bitcoin emits nearly 114 megatonnes of CO2 annually, a value comparable to Czech Republic's.</p>
<p>In bad news for Bitcoin and Blockchain lovers, the New York State on Friday passed a bill to halt new permits for certain fossil fuel power plants to be used in Bitcoin mining.</p>.<p>The measure establishes a two-year moratorium on new permits for cryptocurrency mining operations that use proof-of-work (PoW) authentication methods to validate Blockchain transactions.</p>.<p>The measure also initiates a study on the environmental impact mining facilities are having in New York state.</p>.<p>The Senate voted 36-27 in favour of the new bill.</p>.<p>It now goes to the desk of Governor Kathy Hochul, who could sign it into law or veto it, reports <em>The Verge</em>.</p>.<p>Hochul reportedly received a $40,000 donation last month from a chief executive of a company that runs a former aluminium plant turned crypto-mining facility.</p>.<p>The bill was passed by the NY state Assembly last month.</p>.<p>It would impose a moratorium on any new PoW mining projects powered by carbon-based fuel in the state.</p>.<p>However, existing crypto mining operations undergoing the permit renewal process would be allowed to continue.</p>.<p>According to <em>Coindesk</em>, mining companies based in New York have threatened to leave the state if the moratorium is passed.</p>.<p>The bill "is a grim day for blockchain technology, effectively shutting the door on a nascent industry," said Clark Vaccaro, acting president and chief strategy officer at industry trade organisation BaSIC.</p>.<p>"The regulatory environment in New York will not only halt their target -- carbon-based fuel proof of work mining -- but will also likely discourage new, renewable-based miners from doing business with the state due to the possibility of more regulatory creep," John Warren, CEO of institutional-grade bitcoin mining company, GEM Mining, told CNBC.</p>.<p>Bitcoin (BTC) mining is a very electricity-intensive process. A recent study has shown that a single Bitcoin transaction consumes about 2165 kWh of electricity which a regular household in the US would use in 74 days.</p>.<p>One of Botcoin's core features, its proof-of-work (PoW) consensus mechanism, is every miner's headache. PoW requires them to solve complex equations for a share of newly-mined coins.</p>.<p>PoW has also come under criticism for its environmental footprint and critics hold that it is a wasteful and unsustainable crypto for the universe.</p>.<p>Studies have shown its carbon emissions to match those of entire nations.</p>.<p>One of the studies estimates that Bitcoin emits nearly 114 megatonnes of CO2 annually, a value comparable to Czech Republic's.</p>