NY State Assembly Will Likely Ban BTC Mines That Don’t Utilize Renewable Energy

Quick take:

• New York State Assembly passes a bill that will likely ban new mines that don’t tap into green energy.
• The bill will also levy a two-year moratorium on new crypto mining firms that use carbon-based energy.

The New York State Assembly passed a law prohibiting new crypto mining operations from utilizing non-renewable energy sources in the Empire State.

New crypto mining enterprises that employ a carbon-based energy source would face a two-year prohibition under Assembly bill A7389C, presented by Democrat Anna Kelles. A companion measure is now being debated in the state Senate.

On Monday, an assembly committee agreed to send the measure to the whole legislature for a vote.

The crypto sector has been vocal in its opposition to the measure, claiming that it will force miners to relocate, affecting jobs and the United States' "geopolitical interests."

An effort to save the environment?

With 95 votes in favor and 52 votes against, the measure passed and will now be carried by Senator Kevin Parker for a vote in the State Senate. If it passes, it will be sent to Governor Kathy Hochul, who will have the option of vetoing or signing the measure into law.

The law would mandate that the Department of Environmental Conservation (DEC) prepare a "generic environmental impact statement" to count, locate, and analyze the energy consumption and greenhouse gas emissions of PoW miners, as well as their influence on public health.

The bill, supported by Anna Kelles, would not only put a two-year ban on the approval of any new Bitcoin mines, but it would also restrict the renewal of licenses provided to current PoW cryptocurrency miners who use carbon-sourced energy from increasing their power use.