New York Bill Prohibits Crypto Mining Centers for Environmental Review

New York Bill Places 3 Year Moratorium on Crypto Mining

A New York bill seeks to place a three-year moratorium on cryptocurrency mining centers from operating in the state.

Meanwhile, miners would be allowed to operate their crypto mining farms only after completing an environmental impact assessment.

If passed, the bill will likely affect New York's Greenridge Generation plant, based in Dresden, New York. Last year, the farm was mining about 5.5 Bitcoins each day.

Environmental Concerns on Cryptocurrency Mining

The bill was proposed by Democrat senator Kevin S. Parker, the Chairman of Committee on Energy and Telecommunications, and co-sponsored by fellow Democrat senator Rachel May, the Chair of Committee on Aging, Chair of Legislative Commission on Rural Resources.

The bill mandates enforcing stricter regulations for mining centers, including the requirement to undergo an environmental impact review. This will ultimately prevent cryptocurrency mining operations if the facility does not comply with New York’s climate change targets.

If passed, the bill would mandate state inspectors to evaluate the impact cryptocurrency mining facilities have on carbon emissions.

A full environmental impact statement on the center's greenhouse gas emissions from mining will be made. The report would be accompanied by a 120-day public comment period and at least one public hearing.