The New York State Senate has passed a bill that imposes a two-year moratorium on proof-of-work mining firms to address environmental concerns.
The bill, passed by the state assembly in April, has exempted the mining companies currently undergoing the permit renewal process to be allowed to continue with the process.
The bill’s Democratic sponsor Sen. Kevin Parker says that there is one plant in current operation that the bill will not impact. Parker adds that the pending application will be put on hold pending the study’s conclusion.
Many expect the bill to end in the committee, same as last year when the Environmental Conservation Committee declined a similar bill. The Committee chair Sen. Todd Kaminsky, cited economic consequences for New York city if perceived to be hostile to the crypto sector.