NY passes US-first moratorium on reviving fossil fuel plants to mine crypto

Enlarge (credit: Getty Images | Andriy Onufriyenko)

New York's state legislature approved a bill that would prevent fossil fuel power plants from being revived to power cryptocurrency mining operations. If signed by Gov. Kathy Hochul, the proposed law would prevent new permits from being issued for two years.

It's a "first-in-the-nation cryptocurrency mining moratorium bill," advocacy group Earthjustice said Friday. "While the bill would not cover fossil fuel burning crypto mining operations that have already applied for new or renewed air permits, it would ensure that any future facilities could not receive air permits for two years, while the State Department of Environmental Conservation conducts a thorough study on proof-of-work crypto mining," the group said.

The bill's prospects looked dim earlier this week but was passed by the state Senate in a 36-27 vote after 12 am on Friday morning. It was previously approved by the Assembly with a 95-52 vote in April.