New York lawmakers pass bill to ban crypto mining

By Ovunc Kutlu

ANKARA (AA) - Lawmakers in the US state of New York on Friday passed a bill banning certain cryptocurrency mining operations that run on carbon-based power sources.

The Assembly Bill A7389C, which previously passed the State Assembly in April, was approved early in the morning in the State Senate by a 36-27 vote. The measure stems from concerns over climate change and electricity use during cryptocurrency mining operations.

"The continued and expanded operation of cryptocurrency mining operations running proof-of-work authentication methods to validate blockchain transactions will greatly increase the amount of energy usage in the state of New York, and impact compliance with the Climate Leadership and Community Protection Act," said the bill.

"To mitigate the current and future effects of climate change, the State of New York implemented the Climate Leadership and Community Protection Act, requiring that statewide greenhouse gas emissions be reduced eighty-five percent by 2050 and that the state has net zero emissions in all sectors of the economy by that time," it added.

The bill now heads to Governor Kathy Hochul who can veto it. If the bill is signed into law, that would make New York the first state in the US to ban crypto mining operations.