Overview:
- Vitalik Buterin opposes the government’s ban on proof-of-work mining operations.
- According to Vitalik, it is a bad idea for the government to choose a particular application that uses electricity.
- He proposes the implementation of carbon prices as an alternative solution to ban PoW mining.
- Vitalik commented on the news that New York has passed a bill intended to ban PoW mining using carbon-based power sources.
- The bill has not yet been signed by the Governor of New York.
Ethereum co-founder Vitalik Buterin listened to ongoing discussions on whether the government should ban proof-of-work mining activities on the premise that such operations are energy-intensive. rice field.
The government should not decide to use electricity. Carbon prices can provide a solution.
According to Buterin, it is a bad idea for the government to choose a particular application that uses electricity. He added that carbon prices would be a better solution as they could provide the government with additional income to compensate for low-income electricity users.
Carbon prices are a practice that regulates greenhouse gas emissions by charging emission fees or providing incentives to reduce emissions.
Vitalik’s insights into the shortcomings of banning the operation of Proof of Work and alternative carbon prices were shared through the following tweet:
Eventually I agree with this (that is, I oppose the ban on prisoners of war). It is a bad idea for the government to choose and choose which particular application is the okay use of electricity. It would be better to implement a carbon price and use it to compensate low-income users for a portion of their revenue. https://t.co/NnBzmv5mYz
— Vitalik.eth (@VitalikButerin) June 4, 2022
New York has passed a bill banning PoW mining using carbon-based electricity. But that is not yet the law.
Vitalik’s comments are backed by news that the New York legislature has passed a bill that essentially bans proof-of-work mining operations in the state that use carbon-based power sources.
According to Bloomberg, “The New York bill calls for a two-year suspension of new permits for miners using carbon-based fuels, with the goal of achieving the climate goals established under the 2019 law. We are requesting an environmental impact survey. “
However, New York Governor Cathy Hockle has not yet signed the bill and therefore believes that such a bill in the United States will set an unintended priority for other states to follow. Provides the desired light to.
Perriand Bowling, founder and president of the Digital Commerce Chamber of Commerce, explained that the bill would be a significant setback for the state and hinder New York’s future as a technology leader. She said:
This is a significant setback for the state and will hinder its future as a leader in technology and global financial services. More importantly, this decision will eliminate important union jobs and further deprive many bank-deficient people in Empire State of financial access.
