Bill Text: NY A07866 | 2021-2022 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2022-01-05 - referred to energy [A07866 Detail]

Download: New_York-2021-A07866-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7866

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      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:

     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;
    22    (iii) an assessment of the economic impacts on affected communities of
    23  powering cryptocurrency mining centers with renewable energy,  including
    24  impacts on local employment and job creation; and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11239-01-1
        A. 7866                             2

     1    (iv) an evaluation of whether cryptocurrency mining powered by renewa-
     2  ble energy could develop into a sustainable industry in the state.
     3    d.  The authority shall prepare a report of the findings of such study
     4  and shall deliver a copy of the study and the report  to  the  governor,
     5  the  temporary president of the senate, the speaker of the assembly, the
     6  minority leader of the senate and the minority leader of the assembly no
     7  later than one year after the effective date of this act.
     8    § 2. This act shall take effect immediately.