A group of environmentalists is applying pressure over the governor of New York not to renew the permits of crypto mining entities to conduct activities in the state.

New York lawmakers debate a rule that intends to restrain mining activities linked to proof-of-work (PoW) digital assets like Bitcoin across the state.

As reported by The Block, the New York State Assembly Committee on Environmental Conservation is having a meeting on Tuesday to discuss a version of Bill 6486, which got initially been released in May of last year and has since been under debate in the Assembly and Senate.

The project would count on a three-year moratorium on the mining operations of companies based in that state until a declaration is issued based on a study on the environmental impact of said activity.

What the Bill Includes

The legislative proposal addresses crypto mining powered by non-metered and non-renewable energy sources. Its approval would completely stop the issuance of new permits for mining operations until the New York Department of Environmental Conservation assesses their impact on the environment.

An improved draft of the bill, which got reviewed by The Block, requested a moratorium on new measures for facilities that employ carbon-based energy to boost PoW mining activities with unmetered power.

This draw does not allow the renewal of licenses in cases where there is a growth in the amount of energy that gets consumed during the mining activities. It immediately obstructs mining activities at current levels for at least two years, except for those employing renewable energy sources to carry out their mining activities.

Lawmakers have been very supportive of the project, highlighting that proof-of-work mining, or mining crypto, in general, would significantly increase the amount of energy used in New York State and generate a significant impact on compliance with the Climate Leadership and Community Protection Act.

New York’s CLCPA requires the state to set a reduction on greenhouse gas emissions by 85% by 2050. It also commits to achieve 100% emission-free electricity use by 2040.

Environmentalists on the New York Government

Environmentalists have reportedly been pushing to restrain crypto mining activities, highlighting the burning of fossil fuels.

The Sabin Center for Climate Change at Columbia University revealed a study exploring the legalities of crypto mining regulation and has concluded that the DEC has the authority to issue, renew, or deny permits to crypto miners.

The study also ensured that Governor Kathy Hochul would have the power to execute a moratorium on new mining entities. Environmental advocates, including the Seneca Lake Guardian, EarthJustice, the Sierra Club, the National Resources Defense Council, NYPIRG, and Food & Water Watch, are behind the report.

By: Jenson Nuñez


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