A bill just passed in both chambers of the Legislature that, if signed by Gov. Kathy Hochul, would immediately enact a two-year ban on all new cryptocurrency mining operations. The purpose of this moratorium would be to give the state the opportunity to conduct a study on the environmental impact of proof-of-work authentication methods for mining.
Which state just passed a ban on new cryptocurrency mining operations?
Answer: New York.
Cryptocurrency mining requires a lot of energy. So much so that New York, a popular state for mining due to its cooler climate, lower energy costs and availability of hydroelectricity, wants to crack down on it.
A bill just passed in both chambers of the Legislature that, if signed by Gov. Kathy Hochul, would immediately enact a two-year ban on all new cryptocurrency mining operations. The purpose of this moratorium would be to give the state the opportunity to conduct a study on the environmental impact of proof-of-work authentication methods for mining.
The ban would only apply to carbon-based mining operations — any that rely entirely on renewable energy sources will not be affected. And since it only applies to new mining operations, any existing ones or those currently in the approval process will also not be affected.
A bill just passed in both chambers of the Legislature that, if signed by Gov. Kathy Hochul, would immediately enact a two-year ban on all new cryptocurrency mining operations. The purpose of this moratorium would be to give the state the opportunity to conduct a study on the environmental impact of proof-of-work authentication methods for mining.
