Published June 6, 20221 min read

Vitalik suggested to use carbon pricing and with those earnings to compensate users with low income

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CoinMooner Team
artwork image for: As a Result of New York's Efforts to Prohibit Cryptocurrency Mining, The Community Responds

On June 3, the New York State Senate adopted a measure to prohibit PoW mining. If passed by the governor, the law would prohibit mining in the state and make it more difficult to renew previously-granted mining licences.

Vitalik tooks his suggestion to the twitter and stated that:

[...] (that is, I oppose banning PoW). The government picking and choosing which specific applications are an okay use of electricity or not is a bad idea. Better to just implement carbon pricing, and use some of the revenues to compensate low-income users.

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New York Attorney General Letitia James cautioned New Yorkers against investing in cryptocurrency amidst efforts to outlaw mining. James claimed in an investment advisory that many are "wasting billions" in cryptocurrency and that even well-known companies might fail.

Related: 2% of Russia's Electricity is Spent on Cryptocurrency Mining

Bruce Fenton, an American Senate candidate, joined Vitalik in opposing the action. In a tweet, he said that governments do not have the authority to dictate which software individuals use. He said that "code is speech," meaning that the prohibition is an attack on the right to free expression.

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