Landmark bill to limit cryptomining passes NY Legislature
Both supporters and opponents say the legislation is the first of its kind in the U.S. The Senate approved it early Friday, and it now goes to Democratic Gov. Kathy Hochul for consideration.[Pexels]
ALBANY, N.Y. (AP) – The New York Legislature has approved a milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations that burn fossil fuels.
Both supporters and opponents say the legislation is the first of its kind in the U.S. The Senate approved it early Friday, and it now goes to Democratic Gov. Kathy Hochul for consideration.
The measure would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for what’s called proof-of-work cryptomining.
Environmentalists say cryptomining operations that burn natural gas threaten the state’s ability to meet climate goals.
Supporters of cryptocurrency say the measure would crimp economic development.