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Urge Gov. Hochul to sign crypto moratorium into law

Delivery to Governor Kathy Hochul

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What’s At Stake

The New York State legislature passed first-in-the-nation legislation to issue a cryptocurrency mining in fossil fuel power plants moratorium bill - now all eyes are on Governor Hochul to sign it into law. Take action today and urge Governor Hochul to sign this commonsense moratorium into law!

The cryptocurrency industry opposing this legislation is deep-pocketed and has invested heavily in trying to persuade Hochul to veto this measure and put industry-friendly regulations in New York. As one example, Governor Hochul received $40,000 from Ashton Soniat, the chief executive of Coinmint for her re-election campaign.  

Getting this moratorium signed into law is crucial because certain types of cryptocurrency validation are especially bad for the Earth and communities. Proof-of-work mining is extremely energy intensive by its nature - the process creates and validates new digital coins through high-capacity mega computers, ASICS, that run 24 hours a day, seven days a week, to solve complex algorithms (the “work” in proof-of-work).  

Proof-of-work cryptomining is so energy intensive that crypto miners have been extending the life of dying fossil fuel power plants to power their operations – which is where this legislation comes in.

Even though the bill would not cover fossil fuel burning crypto mining operations that have already applied for new or renewed air permits, it would ensure that any future facilities could not receive air permits for two years, while the State Department of Environmental Conservation conducts a thorough study on of proof-of-work crypto mining.    

New York State has seen a boom in this type of mining and therefore has attracted the attention of the cryptocurrency lobbying industry, even though they’ve only attempted to influence federal policy before.  

New York State also has the nation’s strongest climate mandates in the books through the Climate Leadership and Community Protection Act.  But these mandates can’t be met if  proof-of-work cryptomining is allowed to expand, increasing New York’s dependence on fossil fuels.  

Hold Hochul’s feet to the fire to address the climate crisis by urging her to sign this critical moratorium into law

Proof-of-work mining operations like this one near Seneca Lake, New York, require significant energy to power large numbers of computers.

Proof-of-work mining operations like this one near Seneca Lake, New York, require significant energy to power large numbers of computers.

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