New York partially banned cryptocurrency mining. Environmental advocates are already suggesting the measure could be a model for other states.
Cryptocurrency mining machines are seen at Greenidge in Dresden, N.Y. Some forms of cryptocurrency mining in New York will be banned under a new law passed last month. | Malik Rainey for Politico MagazineALBANY, N.Y. — A first-in-the-nation partial ban on cryptocurrency mining in New York is sending ripple effects through the burgeoning industry and also emboldening environmentalists to push for similar measures across the nation.
The law does not affect cryptocurrency mining that uses power drawn from the electric grid. Operations can continue at large and small sites across upstate New York, including a former aluminum smelter in Massena near the Canadian border and a former coal plant in Somerset near Niagara Falls.to companies that mine digital currencies, including Bitcoin.
“The sentiment pervading the crypto industry now is that New York is willing to use its climate goals to arbitrarily exclude any industry which is politically expedient to target,” Schneps said. “It’s a lot of circus — media and politics but the effect is very minimal,” Martini-LoManto said. “It doesn’t change Bitcoin mining in New York… it doesn’t have a retroactive effect.”
Greenidge, the former coal plant turned gas plant turned cryptocurrency mining site, continues to operate. The state Department of Environmental Conservationof a key air permit in June, but, under the state’s administrative laws, the plant can keep running during appeals. Greenidge is also seeking to renew its water permit.
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