Landmark bill to limit cryptomining passes NY Legislature
A milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations burning fossil fuels in New York has passed the state Legislature.
The closely watched bill approved early Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive “proof-of-work” cryptomining. Proof-of-work is the blockchain-based algorithm used by bitcoin and some other cryptocurrencies.
The bill, which supporters say is the first of its kind, now goes to Democratic Gov. Kathy Hochul for consideration. The governor has said she want to make sure any legislation balances economic and environmental concerns.