Cryptocurrency News

Bill banning crypto mining for 3 years dies in NY state assembly

A bill to bar miners in New York from operating for three years has been defeated in the state legislature as part of an apparent effort to slow the environmental impact of crypto.

New York Senate Bill 6486 failed to pass the state assembly today after lawmakers in the Democrat-controlled state Senate approved legislation earlier this week. the bill was on purpose On establishing “a moratorium on the operation of cryptocurrency mining centers” while experts consider the environmental impact of mining, particularly those backed by fossil fuels.

According to the Connecticut-based National Public Radio affiliate, the International Brotherhood of Electrical Workers labor union spoke Against the anti-mining law, saying it was unfair to its members. Some in favor of the bill’s passage have cited environmental concerns, given the large energy demands for mining crypto – miners currently need permits from New York state environmental regulators to operate.

related: New York bill proposes banning crypto mining for 3 years due to carbon concerns

First introduced in the state legislature on May 3 by Democrat Senator Kevin Parker, Bill 6486 was sent to the Environmental Protection Committee almost immediately. New York State Senate lawmakers on Tuesday passed the mining ban law by a vote of 36-27. However, the state legislature is required to approve any bills or propose amendments before they can be signed into law by Governor Andrew Cuomo.