New York Governor Has Not Committed To Signing Bitcoin Mining Ban Into Law

New York Governor Kathy Hochul has yet to publicly commit to signing the controversial proof-of-work (PoW) crypto mining ban bill, instead stating that her team will be watching the proposal "very closely" in the coming months.

If she signs the bill into law, fossil fuel-backed PoW cryptocurrency mining companies will not be able to set up shop in New York or renew existing licenses. Under the new regulations, only PoW companies backed by 100% renewable energy can operate.

Members of the crypto community were disappointed when the New York State Senate passed the bill on June 3, meaning the fate of the bill is now in the hands of Governor Hochul, who has the power to approve or veto it.

At this stage, it appears the Democrat has no intention of rushing into a decision, and she may have more important things on her plate, with the June 28 primary looming.

During a press conference on Tuesday, Hochul chose not to draw the line on the PoW ban, as she said the deliberation process could take months:

"We're going to look at all the bills very, very carefully. We've got a lot of work to do over the next six months."

Earlier today, Democratic candidates for governor of New York, including Hochul, Congressman Tom Suozzi and public advocate Jumaane Williams, faced off in pre-election debates.

Reporters including The Times Union's Josh Solomon, who followed the event from the scene, noted that Hochul said her team hadn't had time to fully review the bill, but did support the idea of reducing the environmental impact of fossil fuel extraction plants.

Referring to the bill late last month, Hochul also stressed the need to strike a balance between environmental protection and job creation.

"We have to balance protecting the environment, but also protecting jobs that go into areas with less activity, and ensuring that the energy consumed by these entities is managed properly."

PoW mining has been a highly divisive topic in New York over the past few years, with environmental groups such as the Seneca Lake Guardian repeatedly publicly protesting and lobbying against Bitcoin mining company Greenidge Generation LLC in upstate New York.

Meanwhile, a series of organisations, businesses and labor groups also co-signed a letter in October calling on Governor Hochul to deny licenses to PoW mining companies.