It’s happened, folks. We’ve always known New York wasn’t crazy about cryptocurrency, but this new law its governor has recently passed clearly takes its dislike of the industry to a whole new level. The law will limit crypto mining within the state and guarantees safe passage only to firms that utilize green energy. New York Puts Limits on Crypto Mining The bill has been on the table for many weeks, though New York Governor Kathy Hochul has been slow to make a clear decision on it. She’s now facing extensive pressure from legislators and eco-friendly advocates alike. Hochul has signed the bill into law, meaning the Empire State is getting off on a much stricter foot now that 2023 has been rung in. In a statement, Hochul defended her signing of the bill. She said: I am
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It’s happened, folks. We’ve always known New York wasn’t crazy about cryptocurrency, but this new law its governor has recently passed clearly takes its dislike of the industry to a whole new level. The law will limit crypto mining within the state and guarantees safe passage only to firms that utilize green energy.
New York Puts Limits on Crypto Mining
The bill has been on the table for many weeks, though New York Governor Kathy Hochul has been slow to make a clear decision on it. She’s now facing extensive pressure from legislators and eco-friendly advocates alike. Hochul has signed the bill into law, meaning the Empire State is getting off on a much stricter foot now that 2023 has been rung in.
In a statement, Hochul defended her signing of the bill. She said:
I am signing this legislation into law to build on New York’s nation-leading Climate Leadership and Community Protection Act, the most aggressive climate and clean energy law in the nation, while also continuing our steadfast efforts to support economic development and job creation in upstate New York.
Verbiage of the new law states the following:
The continued and expanded operation of cryptocurrency mining operations running proof of work authentication methods to validate blockchain transactions will greatly increase the amount of energy usage in the state of New York and impact compliance with the Climate Leadership and Community Protection Act.
The maneuver is earning a lot of criticism from crypto fans across the board including New York City Mayor Eric Adams. In the past, Adams has stated that he’s very passionate about crypto and even wants it taught in New York City public schools. This is certainly going to get in the way of that.
Last June, Adams said he was going to talk to Hochul about vetoing the bill. He mentioned:
I’m going to ask the governor to consider vetoing the bill that is going to get in the way of cryptocurrency upstate. When you look at the billions of dollars that are spent on cryptocurrency, New York is the leader. We can’t continue to put barriers in place.
Clearly, his words meant nothing to Hochul, who took over for the disgraced Andrew Cuomo in 2021. Her signing of the bill has also garnered criticism from the Chamber of Digital Commerce, which said in a press release:
The approval will set a dangerous precedent in determining who may or may not use power in New York State.
A Bad Thing for the State?
John Warren – CEO of bitcoin mining firm GEM Mining – also threw his two cents in, saying:
The regulatory environment in New York will not only halt their target (carbon-based fuel proof of work mining), but will also likely discourage new, renewable-based miners from doing business with the state due to the possibility of more regulatory creep.