S 3347: Directs the New York state energy research and development authority to conduct a study on powering cryptocurrency mining facilities with renewable energy.

  
  STATE OF NEW YORK ________________________________________________________________________ 3347 2025-2026 Regular Sessions  IN SENATE January 27, 2025 ___________ 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; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07492-01-5 
 S. 3347 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.