Bill Text: NY S06584 | 2021-2022 | General Assembly | Introduced

New York Senate Bill 6584 (Prior Session Legislation)

Introduced

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) 2022-06-03 - COMMITTED TO RULES [S06584 Detail]

Download: New_York-2021-S06584-Introduced.html


                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.