As an alternative, the Ethereum co-founder suggested the implementation of carbon emission fees

Vitalik Buterin opposed the moratorium on mining in New York

06.06.2022 - 06:35

499

2 min

What’s new? Ethereum co-founder Vitalik Buterin has criticized a bill approved by the New York State Senate to impose a moratorium on fossil fuel-based cryptocurrency mining. According to Buterin, instead of bans, the authorities should have imposed carbon emission fees.

What else did Buterin state? The Ethereum co-founder believes that the government should not choose which spheres are allowed to use electricity and which are not. Implementing emission fees would be a better solution, in which case part of the proceeds could be used by the authorities to compensate low-income consumers.

Vitalik Buterin’s publication was a response to a tweet by Bruce Fenton, New Hampshire US Senate candidate, who said that no government has the right to dictate what software should be used.

Earlier, the New York State Senate approved a bill that imposes a moratorium on mining cryptocurrencies with the Proof-of-Work (PoW) consensus algorithm. The ban would be in effect for two years and would apply to mining that uses non-renewable energy sources. The law must be signed by State Governor Kathy Hochul before it will take effect.

According to the document, some cryptocurrency mining companies began acquiring retired premises of fossil fuel plants and power plants. An explanatory note to the document states that the new bill aims to stop the “comprehensive generic environmental impact.”

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy