ROCHESTER, N.Y. (WROC) — A new cryptomining bill from New York Governor Kathy Hochul will put a halt on cryptomining operations across the state, stopping the growth of a local cryptomining company, Foundry.

Three years ago, Foundry had only 3 employees. Today, they have 170 people all working on cryptomining.

It’s a term often met with confusion, according to Foundry Director of Public Policy Kyle Schneps.

“Bitcoin mining has nothing to do with actual mining, its just a slang term for processing,” he said. “It’s just data centers, the same as Amazon, or Apple.”

Foundry makes computer processors specifically designed for mining.

As Bitcoin is built off the idea of decentralized infrastructure, individual mining operations help to secure the network for those investing in Bitcoin.

“It’s a currency that no government can debase and inflate away, and no one actor can corrupt, that’s why it’s so important to have this decentralized infrastructure,” he said.

Currently, he says nearly 50 million Americans invest in this network of digital currency. But some lawmakers fear the mining operations — which require a lot of processing power, and, therefore, energy — are a threat to New York’s long-term climate goals.

A bill up for consideration at the governor’s office would place a two-year moratorium on any new or renewed air permits for cryptomining power plants.

“There’s a lot to consider, but it is very much on our desk with hundreds and hundreds of other bills as well,” Hochul said.

Schneps says it feels like a political move, in a time when their industry is growing. He pointed to the new job opportunities created by Foundry and similar operations.

If the environmentally-minded bill passed, it would put a major roadblock on their progress as a company.

“This would limit hiring,” Schneps said. “Bitcoin miners only use 0.2% percent of global energy consumption. We believe that they [investors] are entitled to the same protection that Wall Street and big banks use.”

Schneps says people have to have that desire to be educated — and learn more.

For a topic as dense as this, he encourages an open mind and hopes Foundry can continue competing with jobs in the Silicon Valley.

The Department of Environmental Conservation recently denied an air permit request for a bitcoin mining operation along Seneca Lake.