NY Bill Aims To Limit Crypto Miners Using Fossil Fuel-Generated Power

NY bill would impose a two-year moratorium on the use of fossil-fuel power plants to provide energy to miners of cryptocurrencies like Bitcoin.

The New York State Legislature has passed a bill that would impose a two-year moratorium on the use of fossil-fuel power plants to provide energy to miners of cryptocurrencies like Bitcoin, but Governor Kathy Hochul's office on Monday said she had not yet decided whether to sign it.

Cryptocurrency mining requires a lot of electricity to power computer systems that compete to solve mathematical puzzles to validate blockchain transactions. The miner who solves the puzzle first is rewarded with cryptocurrency.

The State Assembly passed the bill in April and the Senate passed it late last week. The governor's office said on Monday she was still weighing whether to sign the bill.

"There is a balancing act involved here, very much a balancing act," the governor said in a statement on Monday.