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"The bitcoin mining industry is actually leading in terms of compliance with that Act."

"Proof-of-work mining has the potential to lead the global transition to more sustainable energy," Boring told CNBC's Crypto World, pointing to the irony of the moratorium. One section of the bill involves conducting a statewide study of the environmental impact of proof-of-work mining operations on New York's ability to reach aggressive climate goals set under the Climate Leadership and Community Protection Act, which requires New York's greenhouse gas emissions be cut by 85% by 2050.īoring tells CNBC the recent swell of support in favor of this year's proposed ban has a whole lot to do with this mandate to transition to sustainable energy. More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State," Boring tells CNBC. "This is a significant setback for the state and will stifle its future as a leader in technology and global financial services. The net effect of this, according to Boring, would be to weaken New York's economy by forcing businesses to take jobs elsewhere. If it passes - for two years, unless a proof-of-work mining company uses 100% renewable energy, it would not be allowed to expand or renew permits, and new entrants would not be allowed to come online. Lawmakers backing the legislation say they are looking to curb the state's carbon footprint by cracking down on mines that use electricity from power plants that burn fossil fuels. The push for an eleventh-hour vote came as leadership in the state capitol managed to flip some of the senators who were previously undecided. Ethereum is switching to a less energy-intensive process, but will still use this method for at least for another few months. Proof-of-work mining, which requires sophisticated gear and a whole lot of electricity, is used to create bitcoin. The New York bill, which previously passed the State Assembly in late April before heading to the State Senate, calls for a two-year moratorium on certain cryptocurrency mining operations which use proof-of-work authentication methods to validate blockchain transactions.