Bill Text: NY S07906 | 2023-2024 | 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) 2024-01-03 - REFERRED TO ENERGY AND TELECOMMUNICATIONS [S07906 Detail]

Download: New_York-2023-S07906-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7906

                    IN SENATE

                                     January 3, 2024
                                       ___________

        Introduced  by  Sens. PARKER, COONEY, RAMOS, SEPULVEDA -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Energy and Telecommunications

        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
    25    (iv) an evaluation of whether cryptocurrency mining powered by renewa-
    26  ble energy could develop into a sustainable industry in the state.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06456-01-3
        S. 7906                             2

     1    d.  The authority shall prepare a report of the findings of such study
     2  and shall deliver a copy of the study and the report  to  the  governor,
     3  the  temporary president of the senate, the speaker of the assembly, the
     4  minority leader of the senate and the minority leader of the assembly no
     5  later than one year after the effective date of this act.
     6    § 2. This act shall take effect immediately.