Upstate New York has become an attractive destination for companies that “mine” digital currencies including Bitcoin. | Marco BelloGetty Images
By Marie J. French
06/03/2022 09:09 AM EDT
ALBANY, N.Y. — The New York Legislature early Friday approved a two-year, limited moratorium on digital currency mining at fossil fuel power plants.
The Senate, after a last-ditch push by environmental advocates, voted on a Assembly measure to have the first-in-the-nation partial ban in the final hours of the legislative session. The bill, which is vociferously opposed by the cryptocurrency industry, is narrowly targeted at proof-of-work mining that utilizes behind-the-meter electricity from fossil fuel plants.
Upstate New York has become an attractive destination for companies that “mine” digital currencies including Bitcoin, because of the availability of former power plants and manufacturing sites with unused electrical infrastructure.
The measure exempts operations that have already secured or...
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