She has until the end of the year.
, “I’m looking at that bill closely. This has nothing to do with whether or not we embrace the cryptocurrency industry.”
The moratorium is pretty limited in scope, only pausing permits for fossil fuel power plants that would mine crypto through the energy-hungry process that Bitcoin uses. It wouldn’t affect facilities using other sources of energy, like the state’s abundant hydropower. Nor would it affect cryptocurrencies that have turned to less energy-intensive protocols. Still, the crypto industry says the moratorium will scare off business in the Empire State.
On the other side of the argument, Hochul will continue to feel the heat from environmental advocates — including those who supported her reelection. “We’re going to get to work pressuring her immediately,” says Alex Beauchamp, Northeast region director at Food & Water Action. The environmental group worked to get out the vote for Hochul ahead of this week’s election and now plans to rally outside her office next week to push the governor to sign the moratorium.
“[The Hochul administration] need[s] to give the base that just elected her something real — and for sure one the easiest things could be to sign the crypto mining moratorium,” Beauchamp says. “I mean, that’s a layup.”
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