"Crypto interests are lobbying Gov. Kathy Hochul to veto a groundbreaking bill that would temporarily halt new crypto-mining projects at fossil-fuel burning plants."
"ALBANY, N.Y. — Across the nation, some states are trying to entice cryptocurrency mining companies to set up shop, offering tax incentives in the hopes of creating jobs and of expanding their footing in the tech industry.
In New York, lawmakers have moved in a different direction: In the waning hours of its 2022 session, the State Legislature last week unexpectedly passed a bill that would impose a two-year ban on new cryptocurrency mining permits, specifically at fossil-fuel burning plants, which some businesses have repurposed to power the energy-intensive activity.
The groundbreaking legislation, which would make New York the first state to enact such a moratorium, has the potential to influence regulations in other states or at the federal level.
The passage of the bill marked a significant defeat for a burgeoning, deep-pocketed industry at the hands of a grass-roots coalition of left-leaning lawmakers, climate activists and even winemakers, who argued that there would be an environmental cost to future cryptocurrency mining."
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