New York Senate Approves Two-Year Ban on Fossil Fuel Crypto Mining
The New York Senate passes a bill imposing a two-year moratorium on carbon-based crypto mining to reduce the state's carbon footprint. The legislation now awaits a decision from Governor Kathy Hochul.
The New York Senate passes a bill that bans cryptocurrency mining operations powered by carbon-based fuels. This legislation specifically targets proof-of-work mining, a highly energy-intensive method used by popular cryptocurrencies like Bitcoin and Dogecoin to validate blockchain transactions and create new tokens.
Lawmakers introduce this bill to curb the state's carbon footprint and mitigate the effects of climate change. Under the new rules, proof-of-work mining facilities that burn fossil fuels face a two-year moratorium, although operations that rely entirely on 100% renewable energy remain permitted to continue their activities.
Industry critics argue that this ban ultimately hurts New York by pushing miners to other states like Texas and Washington that offer clean energy options. The Senate votes 36-27 in favor of the measure, and the bill now moves to Governor Kathy Hochul's desk for a final decision to either sign or veto the legislation.