On Tuesday, the New York State Assembly enacted a cryptocurrency mining moratorium bill, prohibiting the issuance of new permits or expansion of existing proof-of-work (PoW) mining operations that use carbon-based energy sources.
The New York State Senate must approve the bill.
The measure will have no effect on existing PoW crypto mining facilities that use renewable energy.
For the next two years, the measure will prevent crypto mining facilities that use non-renewable energy from obtaining an expansion permit.
Proponents of the cryptocurrency industry have warned that the measure could result in a mass departure of Bitcoin mining companies and related jobs.
Proponents of the cryptocurrency industry have warned that the measure could result in a mass departure of Bitcoin mining companies and related jobs.
The Department of Environmental Conservation (DEC) has been entrusted under the bill to investigate PoW mining operations in the state and issue a General Environmental Impact Statement within a year.
According to the bill’s sponsor, Democrat Anna Kelles, it will assist New York in meeting the targets set forth by the Climate Leadership and Community Protection Act (CLCPA) in 2019.
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