Bitcoin (CRYPTO: BTC) mining that utilizes fossil fuels may not see much growth in the state of New York over the next few years, considering that the state assembly passed a bill to block new crypto mining facilities using non-renewable energy sources.
What Happened: New York Assembly bill A7389C, sponsored by Democrat Anna Kelles imposes a two-year moratorium on new crypto mining operations that use carbon-based energy sources. At the same time, a corresponding bill is making its way through the state Senate and an assembly committee had already voted on Monday to advance it to a full vote of the legislative body.
See Also: How to get free crypto
Coindesk reports that the crypto industry opposed the bill and warned that it might cause miners to relocate, with consequences for jobs and the "geopolitical interests" of the U.S.
Still, those in favor of the bill noted that existing facilities will remain unaffected, and it will still be possible to expand renewable-fueled operations. Existing facilities will only see their renewable permits banned if they plan to expand their operations.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.