New York Assembly Greenlights Two-Year Mining Restriction Bill

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The lower house of the New York State Legislature has voted in favor of a bill designed to freeze current levels of carbon emissions from cryptocurrency mining.

The document provides for a two-year moratorium on the issuance of new permits for the production of cryptocurrency using electricity generated from hydrocarbon sources. According to it, enterprises operating under this scheme will not be able to expand operations.

The act also requires the Department of Environmental Protection to prepare a report on the environmental impact of mining in the state. The study should be completed within a year, giving this way lawmakers time to take action before the restrictions expire.

The initiator of the bill, democratic MP Anna Kelles, has explained that it does not prohibit the mining of cryptocurrencies, but affects a limited number of energy facilities.