Anti-Cryptocurrency Mining Bill Still Alive in NY Legislation

New York failed to pass a measure that would limit cryptocurrency mining operations, but the bill is far from dead.

article-image

The New York State Capitol Building, Albany, NY; Source: Shutterstock

share

key takeaways

  • Assembly legislators are expected to revisit the bill next session, which begins in January 2022
  • The bill, if passed, will require the state to look into how existing cryptocurrency mines in New York impact the environment

New York failed to pass a measure that would limit cryptocurrency mining operations, but the bill is far from dead. 

The bill passed the New York state senate on June 8 and was sent to the state assembly for review. There, it was introduced but not voted on. Assembly legislators are expected to revisit the bill next session, which begins in January 2022. 

There is a chance that legislators will elect to revisit the bill during a special session before January 2022, but nothing has been set yet, according to a representative from assembly member Peter J. Abbate’s office. 

The bill, if passed, will require the state to look into how existing cryptocurrency mines in New York impact the environment. 

Environmental groups in favor of the bill claim that cryptocurrency mining operations will prevent New York from reaching its carbon emission goals.

Bitcoin mining and its environmental impact have been a popular anti-crypto argument for years. The topic recently made its way into the mainstream again last month when Tesla CEO Elon Musk made a U-turn on bitcoin when he reversed his stance on accepting the digital currency as a form of payment for Tesla vehicles, citing environmental concerns as the reason. 

Cryptocurrency advocates point out that mining isn’t the only industry in the US that uses energy. 

“If you look at the footprint that bitcoin uses, it is relatively small compared to other things, it just so happens that bitcoin has been in the spotlight,” said Rob Chang, CEO and director of Gryphon Digital Mining. “When you compare it to say the US military, or the databases that Facebook uses for people to house pictures, those use a kind of electricity as well, but for some reason, other industries are not being pointed out.”

Mining provides a greater service to the public than other industries, Chang said. 

“Ultimately speaking, bitcoin has high utility. It does effectively democratize finance for people, and it’s also anti-inflationary,” said Chang. “You have governments all over the world printing more money to pay for things and devaluing their currencies, whereas bitcoin has a fixed supply. It’s anti inflationary. There are a lot of good reasons why bitcoin deserves to have a place.” 

New York’s bill comes as other countries start to consider bitcoin mining and energy usage. 

Earlier this week, China’s Qinghai province issued a new ban on cryptocurrency mining operations. El Salvador, who this week approved bitcoin as legal tender, has stated that energy from volcanoes may be used to power crypto mines. 

Iran’s ministry of energy said last month that due to increased domestic electricity use during the hot summers there is a nationwide ban on crypto mining until September.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

This reports analyzes the competitive dynamics of the Solana DEX landscape, identifying sustainable moats per protocol. We also find that Raydium (RAY), Orca (ORCA), and Lifinity (LFNTY) are valued very similarly on a P/S basis and what this could mean for Meteroa's (MET) valuation, which is still pre-TGE.

article-image

With $800 million now flowing to creditors, some expect a market boost — yet many remain cautious after years of waiting

article-image

There’s more to do on Solana than memecoins, but the market isn’t seeing it that way

article-image

Galaxy’s Alex Thorn said that the saga, paired with TRUMP and MELANIA, could lead to “further destruction of the memecoin complex”

article-image

Anatoly Yakovenko in 2017 embarked on the technical challenge of solving blockchain’s scalability problem

article-image

Grayscale Investments has historically had a four-stage lifecycle for its products, but there’s an indicator this could be changing

article-image

Brian Quintenz and Jonathan Gould are two recent Cabinet nominees with ties to crypto