The New York State Assembly passed a bill late on Tuesday that would place a two-year ban on all new proof-of-work (PoW) cryptocurrency mining facilities in the state that use a carbon-based fuel to power their operations.
The bill, sponsored by Anna Kelles, would not only impose a two-year hold on approval of any new Bitcoin mines, but the proposed moratorium would also prevent the renewal of permits issued to existing PoW cryptocurrency miners using carbon sourced energy if they seek to increase the amount of electricity consumed.
Thrilled that my bill with Senate champion @kevinparkernyc A7389C/S6486D just passed in the Assembly as part of the #EarthDay Package! Thank you to all of cosponsors and advocates who helped get this bill to the floor for a vote! pic.twitter.com/NhVnMo3FJE
— Anna Kelles (@annakelles) April 27, 2022
The bill gathered the support it needed to pass, with 95 in favor and 52 against, and will now be carried by Senator Kevin Parker for a vote in the State Senate. If successful, it will then be delivered to Governor Kathy Hochul, who can veto the bill or sign it into law.
The Department of Environmental Conservation (DEC) would be tasked by the bill with preparing a “generic environmental impact statement” to number, locate and assess the energy consumption and greenhouse gas emissions of PoW miners and their impact on public health.
Cryptocurrency industry advocacy group the Blockchain Association had…