New York State Assembly rejects bill that would ban cryptocurrency mining for 3 years

A bill requiring New York miners to cease operations for three years to curb the environmental impact of crypto mining has been rejected by state lawmakers.

New York Senate Bill 6486 was not approved by the State Assembly today after lawmakers in the Democrat-controlled Senate passed the bill earlier this week. The bill should “a suspension of the activity of cryptocurrency mining centers” while experts looked at the environmental impact of such activities, particularly those based on fossil fuels.

According to a subsidiary of Connecticut-based National Public Radio, The International Brotherhood of Electrical Workers opposed the controversial law, saying it was unfair to its members. Some supporters of the law’s passage have cited environmental concerns. With the high demand for electricity for mining cryptocurrencies, miners currently need approval from New York State’s environmental regulators to work.

New York State Assembly rejects bill that would ban cryptocurrency mining for 3 years
New York State Assembly rejects bill that would ban cryptocurrency mining for 3 years

Bill 6486, first introduced into the state legislature by Democratic Senator Kevin Parker on May 3, was referred almost immediately to the Environmental Protection Committee. The New York Senate legislature approved the mining ban Tuesday by 36-27, but the state assembly must pass any bill or propose amendments before it can be signed by Governor Andrew Cuomo.

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