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A new bill in the New York state legislature aims to prohibit crypto mining centers from operating pending an environmental review by the state. If the bill passes in the state senate, crypto mining in New York might be subjected to a three-year hiatus.
New York Bill Places 3 Year Moratorium on Crypto Mining
A New York bill seeks to place a three-year moratorium on cryptocurrency mining centers from operating in the state.
Being in its earliest stages, the bill was referred to the Senate’s environment committee on May 3 and claims to be acting in accordance with New York’s “Climate Leadership and Community Protection Act.”
The said bill would lift the moratorium only for mining facilities that “will not adversely affect” the carbon-emission benchmarks of New York state.
Meanwhile, miners would be allowed to operate their crypto mining farms only after completing an environmental impact assessment.
If passed, the bill will likely affect New York’s Greenridge Generation plant, based in Dresden, New York. Last year, the farm was mining about 5.5 Bitcoins each day.
Environmental Concerns on Cryptocurrency Mining
The bill was proposed by Democrat senator Kevin S. Parker, the Chairman of Committee on Energy and Telecommunications, and co-sponsored by fellow Democrat senator Rachel May, the Chair of Committee on Aging, Chair of Legislative Commission on Rural Resources.
The bill mandates enforcing stricter regulations for mining centers, including the requirement to undergo an environmental impact review. This will ultimately prevent cryptocurrency mining operations if the facility does not comply with New York’s climate change targets.
If passed, the bill would mandate state inspectors to evaluate the impact cryptocurrency mining facilities have on carbon emissions.
A full environmental impact statement on the center’s greenhouse gas emissions from mining will be made. The report would be accompanied by a 120-day public comment period and at least one public hearing.