New York State Assembly votes to pause crypto mining

·1 min read

The New York State Assembly said it passed a cryptocurrency mining moratorium bill on Tuesday, blocking new permits and expansion for proof-of-work (PoW) mining facilities using carbon-based energy sources.

See related article: New York’s Bitcoin mining showdown sets stage for battles elsewhere

Fast facts

  • The bill needs approval by the New York State Senate.

  • Existing PoW crypto mining facilities using renewable energy will remain unaffected by the bill.

  • The bill will block crypto mining facilities that run on non-renewable energy from securing an expansion permit for the next two years.

  • Crypto industry proponents cautioned that the bill could spark an exodus of Bitcoin mining operations and related jobs.

  • The bill has tasked the Department of Environmental Conservation (DEC) to study PoW mining facilities in the state and release a General Environmental Impact Statement within a year.

  • According to Democrat Anna Kelles, who sponsored the bill, it will help New York reach the goals set by the Climate Leadership and Community Protection Act (CLCPA) in 2019.

See related article: EU votes against de facto Bitcoin mining ban

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting