Directs the New York state energy research and development authority to conduct a study on powering cryptocurrency mining facilities with renewable energy.
STATE OF NEW YORK
________________________________________________________________________
6584
2021-2022 Regular Sessions
IN SENATE
May 7, 2021
___________
Introduced by Sen. PARKER -- read twice and ordered printed, and when
printed to be committed to the Committee on Energy and Telecommuni-
cations
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:
1 Section 1. a. The state energy research and development authority is
2 hereby directed to conduct a study on powering cryptocurrency mining
3 centers in New York state.
4 b. For purposes of this act:
5 (i) "cryptocurrency" shall mean a digital currency in which encryption
6 techniques are used to regulate the generation of units and currency and
7 verify the transfer of funds, operating independently from a central
8 bank;
9 (ii) "mining" shall mean the process of spending computer power to
10 process transactions and add such transactions to a cryptocurrencies'
11 blockchain;
12 (iii) "blockchain" shall mean a digital ledger in which transactions
13 made in cryptocurrencies are recorded chronologically and publicly.
14 c. The study shall include, but not be limited to:
15 (i) a survey of existing cryptocurrency mining centers in New York
16 state, and whether and to what extent such centers are powered by renew-
17 able energy;
18 (ii) an evaluation of the economic and technical feasibility of power-
19 ing all cryptocurrency mining centers in the state with renewable energy
20 and the construction of additional facilities powered by renewable ener-
21 gy;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11239-01-1
S. 6584 2
1 (iii) an assessment of the economic impacts on affected communities of
2 powering cryptocurrency mining centers with renewable energy, including
3 impacts on local employment and job creation; and
4 (iv) an evaluation of whether cryptocurrency mining powered by renewa-
5 ble energy could develop into a sustainable industry in the state.
6 d. The authority shall prepare a report of the findings of such study
7 and shall deliver a copy of the study and the report to the governor,
8 the temporary president of the senate, the speaker of the assembly, the
9 minority leader of the senate and the minority leader of the assembly no
10 later than one year after the effective date of this act.
11 § 2. This act shall take effect immediately.
