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NYS Assembly passes two-year moratorium on cryptocurrency mining, bill headed to Senate

The New York State Assembly voted on Tuesday to pass a law that would impose a two-year moratorium on proof-of-work cryptocurrency mining operations.

Assembly Bill A7389C is now on its way to the state Senate. The legislation is sponsored by Assemblymember Anna Kelles (D-Ithaca).

DiSanto Propane (Billboard)

Related: DEC needed months to review public comments that ran 100-to-1 against Greenidge’s bitcoin operation

What the legislation means for cryptocurrency mining in NYS

The company Greenidge Generation has come under fire for its cryptocurrency mining operation based out of their natural gas power plant in Dresden, Yates County.

The Assembly bill highlighted that proof-of-work cryptocurrency mining operations increased energy usage across the state goes and goes against New York’s climate goals outlined in the Climate Leadership and Community Protection Act (CLCPA), according to WENY.

If the moratorium legislation is enacted, New York would not approve new applications or allow operations that use carbon-based fuel to generate electric energy needed to mine cryptocurrency. The state would also not approve permit or application renewals during that two-year stretch.

Related: NYS Supreme Court justice rules in favor of Greenidge Generation