New York Alters Bitcoin Mining Ban Bill

New York State senators have walked back measures of a bill that initially called for a statewide ban on bitcoin mining for three years so that such operations could be subject to a full environmental impact review. The updated bill now would only apply to mining operations that utilize carbon-based energy sources, and is heading next to the State Assembly.

“The department,” states the watered-down version of the bill, “shall not approve a new application for or issue a new permit pursuant to this article for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by a facility that uses proof-of-work authentication methods to validate blockchain transactions.”