NY bill to restrict crypto miners from using fossil fuel-generated energy
The New York State Legislature has passed a bill imposing a two-year ban on the use of fossil fuel-powered power plants to power miners of cryptocurrencies like Bitcoin. , but Governor Kathy Hochul’s office on Monday said she has yet to decide whether to sign it.
Cryptocurrency mining requires a lot of electricity to power competing computer systems that solve mathematical puzzles to validate blockchain transactions. The miner who solves the puzzle first will be rewarded with cryptocurrency.
The state parliament passed the bill in April and the Senate passed it late last week. The governor’s office said Monday that she is still considering whether to sign the bill.
“There is a balancing act involved here, very much a balancing act,” the governor said in a statement Monday.
“We have to strike a balance between protecting the environment, but also protecting the opportunity for jobs to go to areas with little activity, and ensuring that the energy these entities consume is managed properly. “, she added.
The bill is part of the state’s effort to reduce greenhouse gas emissions statewide by 85% by 2050.
According to the bill.
To prevent cryptocurrency mining from increasing greenhouse gas emissions, the bill would impose a moratorium on the issuance and renewal of aviation permits for a facility that generates electricity using carbon-based fuels and provides energy for cryptocurrency mining operations.
