A crypto mining ban proposal that calls for a forced three-year hiatus from all mining operations in New York has waned, and will now allow green projects.
The invoice approved in the Senate on June 8, and has now been referred to the state assembly. If the bill passes the assembly, it will be turned over to Governor Andrew Cuomo to pass or veto the proposed legislation.
The initial New York Senate Bill 6486A sought to halt all crypto mining for three years to conduct environmental impact reviews on mining operations in the tri-state area.
However, the bill was amended in the Senate to pass it, and the reviewed 6486B-bill is now solely focused on any company that uses carbon-based fuel sources to power proof-of-work crypto mining.
#NYSenato Bill S6486B, sponsored by @SenatorParker, approved (36-27, unofficial). It establishes a moratorium on consolidated operations that use proof-of-work authentication methods to validate blockchain transactions:https://t.co/P2gDKdPnL5
– New York State Senate (@NYSenate) June 8, 2021
There is no longer a specific time frame in the crypto mining ban with the bill preventing the expansion of any carbon fuel powered mining operations, along with the establishment of any new mining operations using non-renewable energy sources. .
The amended bill also requires documentation on energy production, carbon footprint, and the type of fuel used by all crypto miners.
Governor Cuomo set on June 7 that he was not well versed in the proposed ban, yet he is aware of the environmental concerns surrounding the crypto mining industry:
“There are serious concerns. No doubt about that. There are serious concerns. And I’ll look at the legislation. “
New York lawmakers’ scrutiny of cryptocurrency mining appears to be related to its sustainable energy goals, and the bill references the state’s “Community Protection and Climate Leadership Act.”
The Protection Law established the goal of reducing greenhouse gas emissions by 85% by 2050 and net zero emissions from all sectors of the economy within that time period.
An ongoing issue that worries some New York residents is the approved expansion of Greenidge’s gas-fired Bitcoin plant in Seneca Lake, which aims to dedicate 85 megawatts of energy to mining Bitcoin by 2022.
Signature reported The transition from coal to natural gas, along with its recent shift to carbon neutrality through carbon offsets, has not lessened opposition from environmental group Seneca Lake Guardian.
The group indicated on June 5, that Greenidge had simply gone from being a coal plant to a “fractured gas combustion plant”, and complained that the Department of Environmental Conservation (DEC) has failed citizens by not “completing a new Environmental Impact Statement ”:
“Greenidge is now burning fossil fuels simply to make fake money amid climate change, without regulation or supervision.”