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New York’s crypto mining moratorium is not likely to be passed

By 06/03/2022 11:58 AMNo CommentsBy YidInfo Staff

On Thursday, the proposed two-year moratorium on crypto mining in the Empire State will not likely gain final approval as lawmakers have already finished the legislative session.

Sources said despite being approved by the Senate last year, the measure stalled in the Democrat-led Senate due to 11th-hour opposition after passing the Assembly earlier in the session.

The bill has faced fierce opposition in recent weeks since may fear the temporary moratorium would drive tech businesses from the Empire State and send jobs elsewhere.

But the bill’s advocates asserted that the e moratorium would apply to large-scale crypto mining in decommissioned power plants that use fossil-fuel-based energy sources.

Crypto, or Bitcoin, mining uses vast amounts of energy as computers solve complex math problems and verify transactions in digital currency.

They defended that the legislation would only apply to new permits or renewal permits for power plants and require the Department of Environmental Conservation to issue a generic environmental impact statement after the close of public comment and public hearing period.

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