New York state legislators have introduced a bill aimed at introducing a three-year moratorium on cryptocurrency mining for companies before they pass environmental due diligence.
The bill, introduced by State Senator Kevin Parker, lifts the moratorium only for miners that “do not negatively impact” New York’s carbon reduction figures. The bill is in its early stages and was submitted to the New York State Senate Committee on the Environment this week.
If passed, the bill would give government inspectors the right to assess the impact of mining companies on water, air quality, carbon emissions and wildlife. Miners will only be allowed to return to work after they have passed an environmental audit. Companies that interfere with New York’s plans to cut carbon emissions will not be able to work in the state.
The bill was proposed at a time when the state’s power plants began to actively expand operations to mine BTC. For example, in the Finger Lakes area of ​​upstate New York, a long-dormant coal-fired power plant now burns 19 megawatts of natural gas to power its mining devices.
The venture has proven so profitable that site operator Greenidge Generation plans to increase capacity to 500 MW by 2025. Last year, the Greenidge Generation power plant, which uses its own capacity to mine BTC, sold up to 30% of the hashrate to institutional buyers.
However, environmentalists argue that miners like Greenidge are opposing New York City’s goals of eliminating coal-fired power generation. The state aims to reduce its greenhouse gas emissions by 70% by 2030. These efforts limit the burning of more natural gas.
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