Kathy Hochul, the Governor of New York, is yet to officially commit to signing the controversial Proof-of-Work (PoW) Bitcoin mining ban law, she says her team will be looking at all the bills very closely.
PoW crypto mining operations fueled by fossil fuels would no longer be able to set up shop or renew existing licenses in New York if she passes the bill into law. Only PoW operations backed by 100 percent renewable energy would be allowed to operate under the new restrictions.
To the dismay of members of the crypto community, the New York State Senate passed the bill on June 3, putting the bill’s fate in the hands of Governor Andrew M. Cuomo, who has the option to approve or veto the law.
At this point, it looks like the Democrat is not in a hurry to make a choice, and she may have more pressing concerns, such as the approaching primary election on June 28.
Hochul chose not to put a line in the sand on the PoW ban during a press conference on Tuesday, implying that the deliberation process could take months:
āWeāll be looking at all the bills very, very closely. We have a lot of work to do over the next six months.ā
Hochul, Congressman Tom Suozzi, and Public Advocate Jumaane Williams were among the Democratic contenders for governor of New York who debated earlier today.
Hochul indicated that her team hasn’t had time to properly analyze the measure, but that she supports the idea of lowering the environmental impact of fossil fuel mining operations, according to Josh Solomon of the Times Union.
Hochul, who spoke about the bill late last month, emphasized the importance of striking a balance between environmental conservation and economic growth.
āWe have to balance the protection of the environment, but also protect the opportunity for jobs that go to areas that donāt see a lot of activity and make sure that the energy thatās consumed by these entities is managed properly.ā
Environmental groups like the Seneca Lake Guardian have spoken out, protested, and lobbied against Bitcoin (BTC) mining corporation Greenidge Generation LLC in upstate New York on multiple occasions.
In October, a broad list of organizations, corporations, and labor groups signed a letter to Governor Hochul urging him to reject permits to PoW mining companies.
