Senate Bill S7906

2023-2024 Legislative Session

Directs the New York state energy research and development authority to conduct a study on powering cryptocurrency mining facilities with renewable energy

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Energy And Telecommunications Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S7906 (ACTIVE) - Details

Current Committee:
Senate Energy And Telecommunications
Law Section:
Energy
Versions Introduced in 2021-2022 Legislative Session:
S6584

2023-S7906 (ACTIVE) - Summary

Directs the New York state energy research and development authority to conduct a study on powering cryptocurrency mining facilities with renewable energy.

2023-S7906 (ACTIVE) - Sponsor Memo

2023-S7906 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7906
 
                             I N  S E N A T E
 
                              January 3, 2024
                                ___________
 
 Introduced  by  Sens. PARKER, COONEY, RAMOS, SEPULVEDA -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Energy and Telecommunications
 
 AN  ACT  directing  the  New  York state energy research and development
   authority to conduct a study on powering cryptocurrency mining centers
   with renewable energy

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  a. The state energy research and development authority is
 hereby directed to conduct a study  on  powering  cryptocurrency  mining
 centers in New York state.
   b. For purposes of this act:
   (i) "cryptocurrency" shall mean a digital currency in which encryption
 techniques are used to regulate the generation of units and currency and
 verify  the  transfer  of  funds, operating independently from a central
 bank;
   (ii) "mining" shall mean the process of  spending  computer  power  to
 process  transactions  and  add such transactions to a cryptocurrencies'
 blockchain;
   (iii) "blockchain" shall mean a digital ledger in  which  transactions
 made in cryptocurrencies are recorded chronologically and publicly.
   c. The study shall include, but not be limited to:
   (i)  a  survey  of  existing cryptocurrency mining centers in New York
 state, and whether and to what extent such centers are powered by renew-
 able energy;
   (ii) an evaluation of the economic and technical feasibility of power-
 ing all cryptocurrency mining centers in the state with renewable energy
 and the construction of additional facilities powered by renewable ener-
 gy;
   (iii) an assessment of the economic impacts on affected communities of
 powering cryptocurrency mining centers with renewable energy,  including
 impacts on local employment and job creation; and
   (iv) an evaluation of whether cryptocurrency mining powered by renewa-
 ble energy could develop into a sustainable industry in the state.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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