New York bill proposes to ban crypto mining for 3 years over carbon concerns

New York bill proposes to ban crypto mining for 3 years over carbon concerns


Crypto miners in New York may be subject to a forced three-year hiatus if the latest environmentally-focused bill passes in the state senate.

The New York Senate Bill 6486 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 is yet to receive widespread backing from other senators, however the Democrats do control the lower house and senate.

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The bill seeks to “establish a moratorium on the operation of cryptocurrency mining centers,” to slow the environmental impacts of fossil-fuel-backed crypto mining in particular.

It also aims to enforce stricter regulations for mining centers, such as the requirement to undergo an environmental impact review, which would prevent crypto mining if the facility does not comply with New York’s climate change targets.

The Bill was referred to the Environmental Conservation Committee on May 3

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