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Tuesday

22 June 2021

New York's Stand Against Bitcoin Mining Passes Senate - Decrypt

New York's Stand Against Bitcoin Mining Passes Senate - Decrypt


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As originally written, the bill would have placed athree-year moratoriumon all Bitcoin mining so that the state could do an environmental impact assessment.

The amended bill revises the state's Environmental Conservation Law to prevent new operations from receiving permits to operate in an "electric generating facility that utilizes a carbon-based fuel." It also essentially caps the electrical consumption of existing mining operations at their current levels and mandates the creation of a "generic environmental impact statement" on proof-of-work mining.

The bill's authors are concerned about the popular practice within New York state of repurposing old power plants for massive Bitcoin mining operations.

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