A proposed two-year moratorium on proof-of-work crypto mining in New York remains under consideration, Gov. Kathy Hochul on Friday said.
Hochul has not given an indication over whether she will approve the measure, which has been pushed for by environmental organizations and opposed by the emerging cryptocurrency sector.
“There’s a lot to consider, but it is very much on our desk, as well as hundreds and hundreds other bills as well,” Hochul said during a stop in Rochester on Friday. “I’m still reviewing it.”
Environmental groups at the state and local level have raised concerns over the process and the massive of amount of energy used to generate the virtual coins used in transactions. They have argued that allowing the process to continue is in conflict with the state’s goals of reducing its carbon footprint in the coming decades in order to curtail climate change.
But crypto firms have argued the bill would put a dent in the state’s ability to create jobs and generate investment in a globalized economy.
The moratorium bill is landing on Hochul’s desk amid volatility in crypto markets worldwide over the last several weeks.
New York regulators at the Department of Environmental Conservation this month denied the renewal of an air permit for Greenridge Generation in the Finger Lakes region of the state. The facility is being used to digitally mine cryptocurrency.
“The DEC did take a significant action with Greenridge in Seneca Lake and we’re hearing people are very pleased with that decision,” Hochul said Friday.