\n<\/p>\n
\u201cAs the first governor from upstate New York in nearly a century, I recognize the importance of creating economic opportunity in communities that have been left behind,\u201d the Democratic governor from Buffalo said in the memo accompanying her approval.<\/p>\n
\u201cI am signing this legislation into law to build on New York\u2019s nation-leading Climate Leadership and Community Protection Act, the most aggressive climate and clean energy law in the nation, while also continuing our steadfast efforts to support economic development and job creation in upstate New York.\u201d<\/p>\n
The new law will also trigger a study by state Department of Environmental Conservation to study the impacts of the cryptocurrency mining industry on the environment.<\/p>\n
The measure was hotly debated in the halls of the state Capitol this year, with environmental groups pushing lawmakers and Hochul to support the bill and the industry urging Hochul to reject it.<\/p>\n
\u201cThank you, Governor Hochul, for stepping up to protect New Yorkers from corporate bullies who want to exploit communities like mine in the Finger Lakes,\u201d Yvonne Taylor, vice president of Seneca Lake Guardian, an environmental group that has pushed for the closure of a local gas-powered cryptocurrency facility. \u201cThe crypto industry is going to whine that this is a blow, but it\u2019s not.\u201d <\/p>\n
The bill is narrow in scope, despite its groundbreaking steps. The state\u2019s roughly dozen operations that draw power from the grid would not be affected, nor would individuals purchasing or mining for cryptocurrency or other blockchain activities. And the moratorium on new or renewed permits doesn\u2019t apply if the company has already filed paperwork to operate in New York.<\/p>\n
Still, the law has raised concern in the industry that it would lead to other states to follow suit and hurt the industry, which has already faced a difficult stretch among investors.<\/p>\n
In June, the state denied a key permit<\/span> for a gas powered cryptocurrency mining operation in the Finger Lakes, saying the Greenidge facility was spewing too much planet-warming pollution to be allowed under the state\u2019s climate law. But the company is fighting the decision, and the plant continues<\/span> to operate.<\/p>\n Business groups ripped Hochul for signing the ban into law.<\/p>\n \u201cThe Business Council does not believe the legislature should seek to categorically limit the growth and expansion of any business or sector in New York,\u201d the group said in a statement. \u201cWe plan to further engage and help educate them regarding this industry and the benefits it provides to the local, regional and state economy.\u201d <\/p>\n<\/div>\n