cryptocurrency

Greenidge Generation has been mining bitcoin at the power plant in Yates County since 2019. Its current permit is set to expire on September 9.

Greenidge Generation is attempting to restructure millions of dollars in debt in exchange for cryptocurrency mining capacity at its facilities.

The new law stems from adverse reactions to a crypto-mining operation along Seneca Lake, in the heart of the state’s winemaking region.

Environmental advocates are praising Gov. Kathy Hochul's signing of legislation late last week, which puts a two-year pause on new and renewed air permits for possible fuel power plants that house cryptocurrency mining.

The legislation will temporarily pause new large-scale mining operations at dormant, fossil fuel-burning power plants, while the DEC studies the potential environmental impacts of the sector.

The DEC maintained its previous position that the facility did not comply with New York’s statutory climate goals.

Hochul said recently that she is still considering whether to sign the moratorium legislation. The DEC has set a deadline of June 30 to address Greenidge’s permits.

The bill still needs a vote in the Senate and approval from Gov. Kathy Hochul.

Environmental activists call the move "political."

The New York senator acknowledged the effort to implement a moratorium on some cryptocurrency mining in New York.