Hochul says New York crypto mining bill under review

A bill that would place a two-year moratorium on a controversial crypto mining process is under review, Gov. Kathy Hochul on Tuesday said. 

The governor did not commit to signing the legislation, which was approved in the waning days of the legislative session last week. 

“We’ll be looking at all the bills looking very, very closely,” she said during an event in New York City signing a measure that would convert former hotels into affordable housing. “So we have a lot of work to do over the next six months.” 

Environmental organizations have pushed for the moratorium and have called for the Department of Environmental Conservation to review the process. Known as proof-of-working crypto mining, the process involves large amounts of energy to generate digital currency tokens. 

The process has been used at converted facilities in the Finger Lakes region of upstate New York, where local opposition has been stoked. Conservation organizations have argued the process is not compatible with efforts by New York to transition to more renewable forms of energy and lower its carbon footprint in the coming decades. 

Hochul has previously said, however, a “balance” should be struck with the issue given its potential to create jobs in upstate New York.