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2021-06-10

New York softens crypto mining regulations

A proposed ban on cryptocurrency digging, calling for a forced three-year halt to all mining operations in New York, has been relaxed - and will now allow green projects.

 

The bill passed in the Senate on June 8, and has now been referred to the state Assembly. If passed in the Assembly, the bill will be forwarded to Governor Andrew Cuomo to approve or veto the proposed legislation.

 

The original New York Senate Bill 6486A sought to halt all cryptocurrency mining for three years in order to conduct environmental impact reviews of mining operations in the tri-state area.

 

However, the bill was amended in the Senate to overcome this, and the amended Bill 6486B now focuses solely on any company that uses carbon-based fuel sources to power cryptocurrency mining based on evidence of work .