New York Legislation on Crypto Mining Moratorium Gets to Committee Stage

Crypto Mining Moratorium

A US bill that proposes a two-year moratorium on proof-of-stake mining will be discussed in a New York State committee meeting on Tuesday.

The Environmental Conservation Committee is looking at the amended version of the bill to address concerns of increasing miners in the state.

The legislation draws the attention of the regulators to the mining facilities that draw their energy without passing through the meter.

Greenidge Generations’ power plant is reportedly using natural gas at a former coal plant in the Finger Lakes Region. The firm is awaiting a decision on its license renewal.

The proposal was initially introduced in May 2021 and has encountered challenges in the House of Representatives and the Senate.

The news comes amid a publication of a study by the Columbia Law School’s Sabin Center for Climate Change arguing that the state’s governor has the mandate to set up the moratorium.

Source: The Block

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