Teana Baker-Taylor, the chief policy officer for the Chamber of Digital Commerce, has recently expressed her perspective on proposed legislation that would halt the issuance of licenses for digital mining businesses that use nonrenewable energy sources.
The New York State Assembly just passed bill A.7389C, which makes it illegal to get a new application or licence for “proof-of-work” (PoW) mining operations that use carbon-based fuels, like coal, to make electricity.
Baker-Taylor says that this approach won’t have much of an effect on the environment and could hurt parts of New York that are trying to bring in new businesses.
PoW is expected to consume approximately 24 terawatts of energy in 2020, accounting for approximately 0.16 percent of total global energy consumption. Baker-Taylor says that these numbers show that getting rid of PoW won’t have a big effect on carbon emissions and may even make it harder to switch to using and making more renewable energy.
Baker-Taylor also indicated that 58.5 percent of the worldwide mining industry’s power mix is sustainable. Very few businesses can claim a profile so ecologically beneficial.
She also said that a number of states want to foster digital asset mining activities and are prepared to attract New York-based businesses seeking a more accommodating financial environment.
In Texas, people who have a stake in the economy have said that PoW has helped to improve the economy, create jobs, speed up the development of renewable energy sources like solar and wind, and increase the tax base.
Baker-Taylor continued by suggesting that the digital asset mining sector and New York may establish a benchmark for developing sustainable and ethical economic development by collaborating ştiiştiiştii.
Additionally, she feels that the state Senate should vote against this measure when the time comes.