The New York State Assembly said it passed a cryptocurrency mining moratorium bill on Tuesday, blocking new permits and expansion for proof-of-work (PoW) mining facilities using carbon-based energy sources.
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- The bill needs approval by the New York State Senate.
- Existing PoW crypto mining facilities using renewable energy will remain unaffected by the bill.
- The bill will block crypto mining facilities that run on non-renewable energy from securing an expansion permit for the next two years.
- Crypto industry proponents cautioned that the bill could spark an exodus of Bitcoin mining operations and related jobs.
- The bill has tasked the Department of Environmental Conservation (DEC) to study PoW mining facilities in the state and release a General Environmental Impact Statement within a year.
- According to Democrat Anna Kelles, who sponsored the bill, it will help New York reach the goals set by the Climate Leadership and Community Protection Act (CLCPA) in 2019.
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