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Assembly Bill A7866

2021-2022 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2021-A7866 (ACTIVE) - Details

See Senate Version of this Bill:
S6584
Current Committee:
Assembly Energy
Law Section:
Energy
Versions Introduced in Other Legislative Sessions:
2023-2024: S7906
2025-2026: S3347

2021-A7866 (ACTIVE) - Summary

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

2021-A7866 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7866
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 28, 2021
                                ___________
 
 Introduced by M. of A. KELLES -- read once and referred to the Committee
   on Energy
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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