The New York State Assembly recently passed legislation (A.7389-C / S. 6486-C) that would create a moratorium on proof-of-work mining operations in the state and establish a dangerous precedent for other states across the country to follow.
The proposed moratorium would have many negative consequences for the digital asset industry and its future. Not only would it significantly hinder New York’s innovation economy, but also it would eliminate important green jobs, many of which are filled by Union employees. Further, it threatens America’s standing as a leader in the global digital asset marketplace at a critical juncture for our industry.
Help make the industry’s voice heard as we work to preserve proof-of-work mining in New York.
We must make sure Governor Hochul hears our opposition and vetoes this legislation!
Let Gov. Hochul know why we oppose the crypto-mining moratorium legislation:
New York should not single out the state’s leader in sustainability. The Bitcoin mining industry’s sustainable energy mix is 58.4%, making it the most sustainable industry globally and leading all industries in compliance with Climate Leadership & Community Protection Act, New York’s climate and clean energy legislation.
The digital asset mining moratorium bill will not help New York achieve its goal of cutting energy use and carbon emissions. Digital asset mining uses an inconsequential amount of energy – roughly one-tenth of a percent of all energy produced globally. It’s more likely to drive green energy investments out of the state.
The digital asset mining moratorium bill will hinder the state’s transition to renewables. Digital asset miners are one of the largest funders of renewables and the industry is investing billions in innovations around sustainable power operations. The bill could stifle the build-out of green energy operations across the state and significantly slow down New York’s sustainable energy transition.
The digital asset mining moratorium bill will eliminate sustainable energy job growth, investment, and development. A moratorium will cut high-paying jobs and technology training in areas where it is needed most and eliminate union jobs with organizations such as the International Brotherhood of Electrical Workers (IBEW).
It’s in our national security interest to encourage digital asset mining in the U.S. Energy security is national security. Digital asset mining will accelerate the energy transition, enhance grid security, and combat climate change. As we continue to develop the digital economy, digital assets and blockchain technology are already becoming integrated with critical infrastructure. It’s essential that blockchain infrastructure is hosted in the U.S.
Policymakers should first understand the technology before driving the blockchain industry out of the state. The New York Assembly already passed an alternative bill (A9275 / S8343) that would establish a cryptocurrency and blockchain task force to study the industry’s impacts. We support this approach led by Assembly Member Vanel and Senator Sanders.