In the latest series of updates, reportedly, the NY bill seeks to prohibit Proof-of-Work mining. POW is a fairness protocol that runs agnostic to any users’ identity, location, or beliefs. A system underserved communities can benefit most from.
This bill proposes a moratorium on cryptocurrency operations that validate blockchain transactions using proof-of-work authentication mechanisms. If passed, the bill would be costly to carbon sustainability efforts, promising career possibilities, low-income economic development, and community-building projects based on Proof-of-Work.
Here is a brief summary of the black bitcoin billionaire letter of opposition
Black Bitcoin Billionaires is one of the most prominent Black-owned Bitcoin Advocacy Groups in the United States. They provide financial literacy and business development pathways for communities traditionally overlooked by legacy financial institutions. 30% of Black American investors own some form of cryptocurrency compared to only 18% of white investors.
Their representation and perspective within the space should be considered more prominently in public discourse, especially as it pertains to legislating policy. Black and Brown investors, entrepreneurs, and professionals are gravitating to decentralized technologies en masse because the protocol in practice fulfills an unprecedented commitment to equal access and opportunity.
Centrally controlled financial institutions hold a long documented history of conducting subprime loans, predatory interest rates, and higher denials for POCs in comparison to their white banking customers. In contrast, fully decentralized networks operating on proof-of-work removes human bias and inefficiency from their operations. The Community Protection Act of 2019 pledges to reduce greenhouse gas emissions 85% by 2050, and net-zero emissions across all sectors. Critics believe if POW continues then the sustainability goals will not be met. Black Bitcoin Billionaires is firmly opposed to A.7389C and supports conducting further studies, such as those proposed in A.7866, to ensure cryptocurrency mining continues in a sustainable way.
If we were to conclude this in simple words, well then it creates a situation of havoc in the state regarding crypto mining, stay tuned for the latest updates.