New York Bans Bitcoin Mining

June 4, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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It’s hard to say exactly what is going on in the New York State Senate. All we know for sure is that there’s a law that bans PoW (proof of work) mining. On 3rd of June, the New York Senate passed a bill targeting POW proof of work mining. The new bill ends up imposing a two-year moratorium on any new POW mining projects that use carbon-based energy.

To address some of the environmental issues surrounding crypto mining, a bill was passed to regulate and tax the crypto mining industry.

Already-existing mining firms, however, or ones that are in the process of permit renewal, will be allowed to continue operating. New York is seen as an ideal place for crypto mining firms to set up because of the cheap hydroelectric energy sources.

Senator Kevin Parker says there is only plants in the state that won’t be impacted by the new bill.

However, many people expected that the bill would suffer the same fate as last year’s version of the bill after it was turned down by the Senate Environmental Conservation Committee.

Senator Todd Kaminsky, the chair of the crypto committee, admitted that they didn’t think the bill
would cause “deleterious economic consequences for New York” if they passed it because they believed that crypto miners would see it as “hostile to crypto. Many companies based in New York are threatening to leave the state.

They would prefer working in states where there are more jobs, they would rather work in more mining-friendly states like Texas.

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