Cryptocurrency mining requires a lot of electricity to power computer systems that compete to solve mathematical puzzles to validate blockchain transactions. The miner who solves the puzzle first is rewarded with cryptocurrencies.
The State Assembly passed the bill in April and the Senate passed it late last week. Officials in the governor’s office did not comment Monday when asked if she would sign the bill.
The bill is part of the state’s efforts to reduce greenhouse gas emissions by 85% by 2050.
Cryptocurrency mining operations “is a growing industry in New York State” that will “significantly increase the amount of energy used” in the state, according to the bill.
To prevent cryptocurrency mining from increasing greenhouse gas emissions, the bill would place a moratorium on the issuance and renewal of air permits for a power-generating facility that uses a base fuel. carbon and provides the energy used by cryptocurrency mining operations.