New York Crypto Mining Bill Dies in Assembly After Passing State Senate

Union opposition helped kill a Senate-passed environmental bill in the New York Assembly to regulate crypto mining.

Jun 11, 2021 at 7:05 p.m. UTC
Updated Sep 14, 2021 at 1:10 p.m. UTC

The New York State Assembly failed to pass an environmental protection bill that would have clamped down on new and expanding bitcoin mining operations.

  • Sources familiar with the matter confirmed to CoinDesk that opposition from union groups, specifically the International Brotherhood of Electrical Workers, led to the bill's demise. The bill died Thursday with the closing of the current legislative session.
  • While supporting the environmental goals, the union said the bill would "prohibit a business based upon whether it obtains its power from a generator behind the meter versus from the grid and targets the use of a specific technology,” according to a letter opposing the measure from IBEW Legislative Counsel Addie A.E. Jenne.
  • The original bill proposed in the New York State Legislature by Sen. Kevin S. Parker (D-Brooklyn) would have enacted a freeze on new mining endeavors in accordance with the Climate Leadership and Community Protection Act of 2019.
  • A modified version passed the state Senate earlier this week.
  • If passed, the bill would have required scrutiny of the environmental impact of current mining operations in the state. 
  • The bill was proposed at a time when an inactive coal plant in upstate New York was recommissioned as a plant fueling Greenidge Generation’s mining apparatuses with 19 megawatts of natural gas.
  • Although environmental goals are at stake with the bill’s failure to pass, profitable mining plants such as Greenidge have increasingly been making commitments to a future of carbon neutral mining. 

Danny Nelson contributed reporting.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Sequoia's Guide to Surviving the 2022 Bear Market

Venture capitalists have gotten increasingly frantic over the last few months.

Venture capitalists have gotten increasingly frantic over the last few months.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Art Museums Are a Good Idea

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

CoinDesk - Unknown
3
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
4
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown