New York just passed a bill cracking down on bitcoin mining — here’s everything that’s in it

Lawmakers in New York just passed a bill to ban certain bitcoin mining operations that run on carbon-based power sources.

The measure now heads to the desk of Governor Kathy Hochul, who could sign it into law or veto it.

If it passes, it would make New York the first state in the country to ban blockchain technology infrastructure

Following an early morning vote in Albany on Friday, lawmakers in New York passed a bill to ban certain bitcoin mining operations that run on carbon-based power sources.

Lawmakers backing the legislation say they are looking to curb the state’s carbon footprint by cracking down on mines that use electricity from power plants that burn fossil fuels.

If it passes for two years, unless a proof-of-work mining company uses 100% renewable energy, it would not be allowed to expand or renew permits, and new entrants would not be allowed to come online.

Texas, for example, has crypto-friendly lawmakers, a deregulated power grid with real-time spot pricing, and access to significant excess renewable energy, as well as stranded or flared natural gas

The state’s regulatory friendliness toward miners also makes the industry very predictable, according to Alex Brammer of Luxor Mining, a cryptocurrency pool built for advanced miners.

The state’s regulatory friendliness toward miners also makes the industry very predictable, according to Alex Brammer of Luxor Mining, a cryptocurrency pool built for advanced miners.