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Uncertainty Surrounds Bitcoin Mining in New York while Other States Begin Deep Dive on Benefits of Digital Currency Implementation

  • New York’s bill to put a temporary ban on Bitcoin mining is in the hands of Governor Hochul – who plans to carefully review it before making a decision (it could be six months or more)
  • The Biden Administration called on federal entities to begin researching the benefits of cryptocurrency implementation
  • Pennsylvania and California have begun efforts to analyze the pros and cons of digital currency in their respective states

The fate of Bitcoin mining currently resides in the hands of Governor Kathy Hochul. New York Senate passed a first-of-its-kind moratorium initially drafted by Ithaca Assembly member Anna Kelles in early June. If signed, it could temporarily halt crypto mining in the state due to the energy-intensive process of proof-of-work crypto mining and stop companies from setting up mining operations in retired fossil fuel plants. 

Governor Hochul has not indicated her stance on whether she will sign the bill or she will veto it. “We’ll be looking at all the bills very closely. So we have a lot of work to do over the next, actually, six months,” Hochul said ( The Governor’s progressive primary challenger, Jumaane Williams, has…

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