Bill to limit cryptomining passes New York Legislature

ALBANY, N.Y. (AP) — The New York Legislature has approved a milestone measure that would tap the brakes on the spread of cryptocurrency mining operations that burn fossil fuels. The Senate approved the bill early Friday. It now goes to Democratic Gov. Kathy Hochul for consideration. Supporters praise it as the first bill of its kind. It would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for what’s called proof-of-work cryptomining. Proof-of-work is the blockchain-based algorithm used some cryptocurrencies. Environmentalists say cryptomining operations that burn natural gas threaten the state’s ability to meet climate goals. Supporters of cryptocurrency say the measure would crimp economic development.