I am writing to ask that you oppose S. 6486-C, legislation that would place a moratorium on proof-of-work mining operations in New York.
Not only would this bill significantly hinder New York’s innovation economy, it would have many negative consequences for the digital asset industry and its future.
New York should not single out the state’s leader in sustainability. The Bitcoin mining industry's sustainable energy mix is 58.4%, making it the most sustainable industry globally and leading all industries in compliance with the Climate Leadership and Community Protection Act, New York’s climate and clean energy legislation.
Further, a moratorium will not help New York achieve its goal of cutting energy use and carbon emissions. Digital asset mining uses an inconsequential amount of energy – roughly one tenth of a percent of all energy produced globally.
It will also eliminate sustainable energy job growth, investment, and development. A moratorium will cut high paying jobs and technology training in areas where it is needed most and eliminate union jobs with organizations such as the International Brotherhood of Electrical Workers (IBEW).
It’s in our national security interest to encourage digital asset mining in the U.S. Energy security is national security. Digital asset mining will accelerate the energy transition, enhance grid security, and combat climate change. As we continue to develop the digital economy, digital assets and blockchain technology are already becoming integrated with critical infrastructure. It’s essential that blockchain infrastructure is hosted in the U.S.
The New York Assembly has already passed an alternative bill (A9275 / S8343) that would establish a cryptocurrency and blockchain task force to study the industry’s impacts. I'd ask that you support this approach led by Assembly Member Vanel and Senator Sanders vs. a moratorium.
Thank you in advance for your consideration. Before you vote, please understand the important role our industry plays in New York, and the negative impacts this bill will have on the state economy and jobs.