Nearly a year after Governor Kathy Hochul signed a two-year moratorium on fossil fuel-powered cryptocurrency mining, lawmakers say the legislation is meeting its objective.
The law prevents issuing or renewing permits for proof-of-work cryptocurrency mining operations based in fossil fuel-burning power plants.
Additionally, the legislation mandates the New York State Department of Environmental Conservation to study the environmental impacts of cryptocurrency mining operations and their effect on New York’s climate goals.
The department is currently evaluating the impacts on greenhouse gas emissions, co-pollutants, water and ecosystems, and public health. The results of this study, expected to provide critical insights into the climate change-related effects of such mining operations, will be published upon completion.
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