The bill passed by the New York State Senate, by a vote of 36 to 27, had been approved by the state’s lower house, the Assembly, last month.
Any operation granted approval thereafter would also be subject to an environmental impact study, for the purpose of meeting climate goals established under a 2019 statute.
The development of this legislation has been keenly observed by both crypto industry groups and sustainability advocates, each at odds as to the precedent its approval would set.
Due to its cheap hydroelectric energy sources, New York has long been considered an appealing place for cryptocurrency mining operations.
Meanwhile, a comprehensive bill underway from New York Democratic Senator Kirsten Gillibrand, and Wyoming Republican Cynthia Lummis, is also set to include an analysis of the environmental impact of energy consumption from crypto mining.
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU.