New York Bitcoin Mining Ban Won’t Cut Carbon Emissions: Crypto Lawyer


Vladislav Sopova

Jake Chervinsky, DeFi Heavyweight Compound’s Long-Term GC and One of Web3’s Most Influential Lawyers, Criticizes Anti-Bitcoin Law

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Why could PoW throttling in New York be harmful to the environment?Industry opposes upcoming ban

Chervinsky accused the authors and lobbyists of a New York state Bitcoin (BTC) ban of “feel-good performative politics,” dangerous to both the environmental and economic sustainability of the US

Why could PoW throttling in New York be harmful to the environment?

Mr. Chervinsky has taken to Twitter to reject another attempt to ban Bitcoin (BTC) mining in New York State over environmental concerns.

According to him, New York lawmakers will only trigger the migration of Bitcoin (BTC) miners to other jurisdictions, which is clearly the last thing that would help reduce the carbon footprint.

In these jurisdictions, Mr. Chervinsky adds, proof-of-work miners will evade environmental regulations, or at least some of them. As such, “a small contingent of NY environmentalists” will be the only ones to benefit from the implementation of this ban.

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Good policy requires reality-oriented thinking: honest analysis of costs & benefits, of opportunities & risks, of first & second order effects. The mining ban in New York does nothing about that. It is a moral victory for a few, apart from reality.

Also, the implementation of this draconian ban will most likely end the New York leadership’s prospects of adopting new technology.

Industry opposes upcoming ban

As such, New York State is on the brink of “a devastating policy error”; Governor Kathy Hochul should issue a ban on supporting not just the Web3 industry, but the entire economy of the state.

As previously described by U.Today, Bitcoin mining and other proof-of-work (PoW) operations could be banned in New York in June; the bill is passed by the state legislature and passed to the governor.

Industry representatives, including Amando Fabiano of Galaxy Digital, fear the ban would set a dangerous precedent for other US states and territories



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