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Senators in New York have altered a plan to prohibit all crypto mining for three years, and are now just looking to block mining corporations that use carbon-based fuel sources.
A planned crypto mining ban in New York that would have required a three-year moratorium on all mining operations has been scaled down – and will now allow green enterprises.
The bill passed in the senate on June 8, and has now been referred to the state assembly. If the bill is passed in the assembly, it will be delivered to Governor Andrew Cuomo to either approve or veto the proposed legislation.
The original New York Senate Bill 6486A proposed a three-year moratorium on all crypto mining in order to perform environmental impact assessments on mining facilities in the tri-state area.
However, the bill was amended in the senate to get it over the line, and the revised 6486B-bill is now focused solely on any firm that uses carbon-based fuel sources to power proof-of-work crypto mining.
#NYSenate Bill S6486B, sponsored by @SenatorParker, passed (36-27, unofficial). 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
The crypto mining prohibition no longer has a time limit, with the law prohibiting the growth of any carbon-fuel driven mining operations, as well as the formation of any new mining business utilising non-renewable energy sources.
The modified measure also requires data on all crypto miners’ energy production, carbon impact, and fuel type.
Governor Cuomo stated on June 7 that he was not well versed in the proposed ban, however, he is aware of the environmental concerns surrounding the crypto mining industry:
“There are serious concerns. There’s no doubt about that. There are serious concerns. And I’ll look at the legislation.”
The review of crypto mining by New York legislators appears to be tied to the state’s sustainable energy ambitions, with the bill alluding to the state’s “Climate Leadership and Community Protection Act.”
The Protection Act established a goal of lowering glasshouse gas emissions by 85% by 2050, with zero nett emissions from all sectors of the economy by that time.
An ongoing issue concerning some New York residents, is the approved expansion of Greenidge’s gas-fired Bitcoin plant on Seneca Lake — which intends to dedicate 85 megawatts of power to Bitcoin mining by 2022.
The firm’s reported transition from coal to natural gas, along with its recent shift to carbon neutrality through carbon offsets, hasn’t dampened down the opposition of environmental group Seneca Lake Guardian.
The group noted on June 5 that the Greenidge had merely switched from being a coal-fired plant to a “fracked-gas burning plant,” and complained that the Department of Environmental Conservation (DEC) has failed the citizens by not “completing a new Environmental Impact Statement”:
“Greenidge is now burning fossil fuels simply to make fake money in the midst of climate change, with no regulation or oversight.”