New York State blocks new crypto mines that use non-renewable power
The bill will impose a ban on new crypto mining firms that use a carbon-based energy source.
The New York Assembly passed a bill which blocks new crypto mining firms using non-renewable energy sources from setting up facilities in the state.
The bill, which is sponsored by Democrat Anna Kelles, will impose a two-year moratorium on new crypto mining firms that use carbon-based energy sources. Existing facilities and companies are not affected.
The bill was voted on by the assembly on Monday to a full vote of the legislative body.
Upfront, the crypto industry warned that the bill might lead to miners relocating, impacting jobs or the U.S.'s "geopolitical interests".
The bill itself specifies that the New York Department of Energy "shall not approve a new application for or issue a new permit ... for an electric generating facility that uses a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions."