Cryptocurrency mining could be banned in New York, but some concessions are made
By Bob Garcia
The Empire State continues to keep pressure on the cryptocurrency industry, but is easing up
A proposal to completely ban cryptocurrency mining through a three-year forced pause on mining-related operations in New York State has now faded away and, according to reports, green projects are now the new mission. On June 8, a bill passed the Senate that would allow certain mining operations and will now head to the state Assembly. Should it be successful here, Governor Andrew Cuomo would have the final say.
Originally, the idea of New York Senate Bill 6486A was to be able to stop all crypto mining for a period of three years. During this time, the state would conduct several comprehensive reviews regarding the environmental impact of mining operations in the tri-state area, as the results could have determined the future of this sector. However, in order to be able to prove successful in the Senate, the bill had to be amended, and the now revised Bill 6486B will prioritize any company using carbon-based fuel sources to power proof-of-work crypto mining.
It has also been said that, from this point on, all documentation related to energy production, carbon footprint and the type of fuel used by all crypto miners will be strictly required in order to bring proper regulation. Cuomo, although he says he is not aware of the proposed ban, is aware that the environmental issue is a matter of concern. “There are serious concerns. There is no question about that. There are serious concerns. And I will look at the legislation,” he added.
State lawmakers seem to have their sustainable energy goals pretty clear, which is why the bill references the state’s “Community Protection and Climate Leadership Act.” Its goal is said to be to reduce greenhouse gas emissions by 85% by 2050, so it’s only a matter of time before we see how it progresses and what the final results will be.