New York Governor Hasn’t Yet Committed to Sign Bitcoin Mining Ban Into Law

New York Overseer Kathy Hochul has yet to publicly commit to signing the controversial Proof-of-Work (PoW) Crypto Mining Ban Bill, noting instead that her team will look “very closely” at the proposal over the next few months.

If she signs the bill, fossil fuel-backed PoW crypto mining operations could no longer set up shop or renew existing licenses in New York. Under the new regulations, only PoW operations backed by 100% renewable energy could operate.

The New York State Senate passed the bill on June 3 to the dismay of members of the crypto community, meaning the bill’s fate is now in the hands of Governor Hochul who has the power. to approve or oppose legislation.

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At this point, it appears the Democrat has no intention of rushing the decision and she may have bigger fish to fry with the upcoming primary election on June 28.

During a press conference on Tuesday, Hochul chose not to draw a line in the sand regarding the PoW ban, as she suggested the deliberation process could take a few months:

“We are going to examine all the invoices very, very closely. We have a lot of work to do over the next six months.

Earlier in the day, Democratic candidates for New York governor, including Hochul, Congressman Tom Suozzi and public attorney Jumaane Williams, faced off in a pre-election debate.

Reporters such as Times Union’s Josh Solomon followed the event live and noted that Hochul suggested his team hadn’t had time to fully review the bill, but supported the idea of ​​reducing the environmental impact of fossil fuel extraction plants.

Speaking on the bill late last month, Hochul also stressed the need to balance both environmental protection and job creation.

“We need to balance protecting the environment, but also protecting the job opportunities that go to low-traffic areas and ensuring that the energy consumed by these entities is managed properly.”

Related: Environmental Groups Urge US Government To Take Action Against Crypto Miners

PoW mining has been a hotly debated topic in New York for the past two years, with environmental groups such as the Seneca Lake Guardian speaking out, protesting and lobbying against Bitcoin (BTC) mining company Greenidge Generation LLC. in upstate New York several times. .

While a long list of organizations, companies and labor groups also co-signed a letter in October calling on Governor Hochul to deny permits to PoW mining companies.



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New York Governor Hasn’t Yet Committed to Sign Bitcoin Mining Ban Into Law


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