New York State senator proposes three-year moratorium on Bitcoin mining

New York State Senator Kevin Parker has proposed to impose a three-year moratorium on mining operations until the Environmental Conservation Committee assesses their environmental impact.

The bill would require the state to study the mining impact on greenhouse gas emissions, water and air quality, and the environment. It would then solicit public input and hold at least one public hearing.

Mining companies whose operations do not align with New York’s plan to improve the environment will not be licensed to operate. The document notes that many facilities have located capacity at idle fossil-fuel plants.

If enacted, the bill would affect the New York hybrid power plant Greenidge Generation, which operates Bitcoin mining. In December 2020, it was sued over expansions of its Bitcoin mining capacity.

Scientists say that by 2024, mining farms located on Chinese territory will consume more than 296.59 TWh of electricity and will surpass the Philippines in greenhouse gas emissions.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.