New York Votes on Crypto Mining Law and Could Become

New York Votes on Crypto Mining Law and Could Become First US State to Ban Bitcoin Mining

Business News / By /

Take fast:

  • The New York State Assembly is scheduled to vote on a proposed ban on crypto mining activities in the state
  • The vote will take place on Monday 25 April
  • If successful, the bill proposed under number A7389C will make New York the first state to ban proof-of-work networks like those of Bitcoin and Ethereum
  • The Bitcoin Advocacy Group is calling on the crypto community in New York to oppose the bill

New York State is once again on the verge of banning crypto mining activities from proof-of-work networks like Bitcoin and Ethereum. Members of the New York State Assembly are scheduled to vote on a bill proposing to ban all crypto mining activities in the state on Monday, April 25.

The bill, filed under number A7389C, would amend the New York State Environmental Protection Act “regarding the establishment of a moratorium on cryptocurrency mining operations that use proof-of-work authentication to validate blockchain transactions , and to require a comprehensive generic Environmental Impact Statement review.”

The reason given in the draft law is the allegedly devastating environmental impact of crypto mining.

Blockchain technology is an innovative technology that enables the recording and efficient transmission of information. The information in each environmental issue as well as a social justice issue. We must not reverse our legal obligation to prevent this catastrophic impact on New York residents.

New York State’s ban on crypto mining could set a precedent for other states

If passed, New York will be the first US state to ban crypto mining.

At the time of writing, there is a public online campaign by the Bitcoin Advocacy Project urging the crypto community in New York to reach out to their local representative and explain why they are against the law. The advocacy group warns that banning crypto mining in New York could set a precedent for other US states to do the same. They summarize the campaign as follows:

If this bill goes into effect, New York will lose the unique opportunities that bitcoin mining offers for economic growth and the spread of renewable energy. This could set a precedent for states across the country to make the same mistake. This policy would not only deprive New York of the economic benefits of mining, but would do nothing to reduce emissions as miners simply go elsewhere.

The mayor of New York is notoriously pro-bitcoin and crypto

The actions of the New York State Assembly are at odds with those of NYC Mayor Eric Adams, who made headlines for being pro-crypto, particularly during his campaign late last year. In a November 2021 tweet, Mayor Adams promised to receive his first three paychecks in bitcoin if he becomes mayor.