The bill now heads to the state Senate, which passed a similar bill last year, and then to Democratic Gov. Kathy Hochul, who has not publicly expressed an opinion on the plan.
Although this is the first of its sort in any state, it is unlikely to be the last, as the energy-intensive process of cryptocurrency mining is increasingly being scrutinized for its role in climate change. Environmentalists argue that allowing unrestricted crypto mining is incompatible with meeting these goals.
A number of states have set ambitious goals for reducing greenhouse gas emissions that cause climate change — New York aims for an 85 percent reduction by 2050 — and allowing unrestricted crypto mining is incompatible with meeting those goals. Bitcoin Mining’s Impact on Climate Change
Liz Moran, a policy advocate for the environmental law charity Earthjustice in New York, told Yahoo News, “We heartily endorse this legislation.” “It takes an incredibly sensible approach to this rising industry’s energy use,” says the author.