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Assembly bill passes, moves to state Senate ADVERTISEMENT

Assembly bill passes, moves to state Senate

NEW YORK STATE--The New York State Assembly passed bill A7389C, Tuesday, April 26, which would establish a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions. The bill has now been delivered to the Senate where deliberations and passage would be required before it makes its way to the governor to be signed in as law.
The measure was introduced by Assemblymember Dr. Anna R. Kelles (D-125) and there were 47 co-sponsors.
The text of the bill includes language that states, "1. For the period commencing on the effective date of this section and ending two years after such date, the department after consultation with the department of public service, shall not approve a new application for or issue a new permit pursuant to this article, or article seventy of this chapter, for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.
2. For the period commencing on the effective date of this section and ending two years after such date, the department shall not approve an application to renew an existing permit or issue a renewal permit pursuant to this article for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by a cryptocurrency mining operation that uses proof-of-work authentication methods to validate blockchain transactions if the renewal application seeks to increase or will allow or result in an increase in the amount of electric energy consumed or utilized by a cryptocurrency mining operation that uses proof-of-work authentication methods to validate blockchain transactions."
A similar bill passed the Senate last year but was not taken up in the Assembly.
Greenidge Generation on Seneca Lake is a natural gas power plant that has developed digital mining capability for Bitcoin using power created onsite. The model is one that is being looked at for additional plants in New York and around the country.
While Greenidge is able to currently operate uninterrupted, the company is awaiting word from regulators about the renewal of the air permits at the facility. The decision has been delayed twice, with a date of June 30 the current deadline.




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