ALBANY, N.Y. (NEXSTAR) — Two bills in the New York State Legislature would increase regulations and costs for mining cryptocurrency, particularly for companies that use the energy-intensive Proof-of-Work (POW) method. Advocates and Democratic lawmakers held a virtual press conference on Friday to rally support for the new cryptomining proposals.

The legislation addresses concerns that continuous, high-intensity consumption at these facilities strain the power grid, contribute to high utility bills for residents, and undermine the state's climate goals outlined in the Climate Leadership and Community Protection Act. The bill's sponsors said cryptomining provides few benefits, disrupting communities without creating enough jobs, all while paying below-market rates for power.

They raised se

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