New York Bitcoin Mining Bill

The Potential New York Bitcoin Mining Bill Could Halt Bitcoin Mining For 3 Years

The New York State Senate has put forward a potential New York Bitcoin mining bill. If passed, it will stop Bitcoin mining for 3 years until the environmental impact of this activity is fully assessed and understood. Specifically, the levels of greenhouse gas emissions from all Crypto mining have been identified in the bill. 

The bill was presented by Senator Kevin Parker to the State Senate’s Environmental Conservation Committee earlier this week according to The Block. The bill states:

Cryptocurrency mining centers are an expanding industry in the State of New York, often, but not exclusively, located in retired or converted fossil fuel power stations, including dormant peaker plants.”

Bitcoin especially has been drawing more criticism around its environmental impact, and interestingly came up multiple times in the Saylor vs Giustra – Bitcoin vs gold debate.

In fact, Bitcoin mining around the world has been reported to use more energy than many countries. Although increasingly more and more are advocating and innovating cleaner and more green Bitcoin mining operations.

The Bitcoin mining industry in New York has seen significant growth over the past few years, and with cooler weather has the benefit that the equipment is much less likely to overheat vs mining operations in other US states.

Greenidge Generation Holdings, which has been active since January 2020, is one of the most active mining centers, with up to 5.5 Bitcoins mined per day. They will certainly be watching the progression of this potential New York Bitcoin mining bill and how it impacts their activities. 

Following the report on its environmental impact, which ranges from greenhouse gas emissions to effects on water, air, and wildlife, there will be a 120 day public comment period. We expect this could be a pivotal period for the future of mining centers like Greenidge Generation Holdings and others. We’ll be following the New York Bitcoin mining story more as it unfolds…

What do you think about the potential New York Mining Bill? A sensible move to learn more about environmental impact or an attempt to slow down Bitcoin progress? Do you see this impacting Bitcoin’s price? Give your thoughts in the comments below.

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