“To date, no other industry in NY has been sidelined for its energy usage. This is a dangerous precedent to set in determining who may or may not use power.”
NYS Business Council additionally spoke in opposition to the 2-year moratorium on crypto mining signed by Hochul. It said that the state shouldn’t “limit the growth and expansion of any business.”
However, Hochul mentioned she signed the legislation to construct on New York’s nation-leading Climate Leadership and Community Protection Act, essentially the most aggressive local weather and clear vitality legislation within the nation. The legislation additionally triggers a research on the impacts of the crypto-mining business on the atmosphere by the Department of Environmental Conservation.
Meanwhile, crypto miners utilizing renewable vitality sources are unaffected by the legislation. Several crypto miners began shifting to renewable vitality options after a number of personalities together with Tesla CEO Elon Musk raised issues about vitality utilization in crypto mining.
New York Crypto Mining Status
New York grew to become one of many greatest crypto-mining hubs after China’s crypto-mining ban final May. Miners moved to New York for its low vitality prices and chilly local weather circumstances that induce increased productiveness.
However, miners had shifted to different states resembling Texas for favorable legal guidelines and low cost electrical energy costs. The crypto industry suggested to New York legislators {that a} ban will solely influence the innovation and financial progress within the state. Miners can merely change to different states attributable to unfavorable circumstances.
