New York: Bill passed to ban cryptomining data centers that use fossil fuel power plants

The New York Legislature has passed a landmark bill to ban cryptocurrency data centers that use fossil fuels to power their operations, in an effort to reduce statewide emissions by 85% by 2050. Specifically, the bill will impose a two-year moratorium on these activities, however, Governor Kathy Hochul has not yet decided whether to sign it or not. 

Hochul has previously raised money from companies in the crypto space, including Coinmint, which donated $40,000 to her campaign. The cryptocurrency industry is pegged to continue to pursue her with investments to influence her decision and steer her away from the ban. 

Speaking about this, Hochul said: "There is a balancing act involved here, very much a balancing act. We have to balance protection of the environment, but also protect the opportunity for jobs that go to areas that don't see a lot of activity, and making sure that the energy that's consumed by these entities, is managed properly."

According to reports, Hochul is keeping an "open mind" about the moratorium and said she would be careful to enact a piece of legislation that could potentially negatively impact job creation in upstate communities.

A report by the New York Times, said that it is likely that Hochul won't have to make a decision on the moratorium until December 31.