The New York State Senate has amended its bill to halt cryptocurrency mining for 3 years. The revised version passed, with a focus on miners who refuse to use green power.
Revised, passed, targeted ban on crypto mining
On June 8, the New York State Senate passed Bill 6486B to ban cryptocurrency mining using carbon energy there. Green mining is therefore not affected by this provision. As a reminder, the original bill 6486A, which has now been revised, targeted all mining farms without exception. It justified an across-the-board 3-year hiatus, citing the need to conduct environmental impact assessments of mining in the state.
In addition, House Bill 6486B ended the 3-year hiatus. It only provides for a ban on new fossil fuel mining projects and prevents an expansion of the supercomputer fleet at existing polluting mining facilities.
The revised bill requires mining companies to provide documentation describing energy production, carbon footprint, and type of fuel used.
Greenidge partially safe from green storm.
Bill 6486B has been sent to the state Assembly. If passed by the Assembly, it will then go to Governor Andrew Cuomo, who will have to either approve it or veto it. The governor had indicated on June 7 that he did not know the details of the proposed ban. He said there were “serious concerns” about the mining industry and that he would “review the legislation.
Enforcement of this legislation would not, therefore, prevent local miner Greenidge from continuing his current mining operations. It does, however, jeopardize its development plans to increase the chopping power of its mining farm, while continuing to use carbon energy.
In addition, the approval of Greenidge’s power plant expansion on the shores of Seneca Lake, which uses fossil fuel to power Bitcoin (BTC) mining, has already caused New York residents to cringe.
For example, Greenidge has offered to buy carbon offsets starting June 1 to compensate for its polluting emissions. This watered-down solution, smacking of green washing, has not mitigated the opposition of the environmental organization Seneca Lake Guardian.
As bitcoin mining loses ground in China to the United States, New York State is trying to find a balance between preserving its mining industry and protecting Mother Nature.