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The new legislation seeks to counter an industry that critics blast as detrimental to New York’s decarbonization goals.

A new bill in the New York state legislature seeks to place a three-year moratorium on crypto mining pending an environmental review by the state.

The bill, from state Sen. Kevin S. Parker (D-Brooklyn), would lift the moratorium only for mining facilities that “will not adversely affect” New York’s carbon-cutting benchmarks. The legislation is in its earliest stages and was referred to the Senate’s environment committee Monday.

If passed, the bill would empower state inspectors to evaluate the impact mining facilities have on water quality, air quality, carbon emissions and wildlife. Miners would be allowed back online only after they complete an environmental impact statement. Those deemed to be hurting New York’s carbon-cutting plans would be nixed.

Parker’s bill comes as state power plants roar back from their grave as bitcoin (BTC, -1.86%) mining operations. In the Finger Lakes region in upstate New York, for example, a long-dormant coal plant now burns 19 megawatts worth of natural gas to feed its armada of power-hungry mining rigs. The endeavor has proven so profitable that site operator Greenidge Generation is planning to boost capacity to 500 megawatts by 2025.
But environmentalists argue mining plants like Greenidge counter New York’s decarbonization goals. The state is seeking to slash its greenhouse gas emissions 70% by 2030. Burning more natural gas kneecaps that effort, advocates say.
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