A moratorium on some crypto mining operations relying on carbon-based energy has been signed into law in New York. Businesses engaged in proof-of-work mining in the state will not be able to expand or renew their permits for the next two years as a result of the ban, which is likely to have consequences for the industry across the United States.
‘First of Its Kind’ PoW Mining Moratorium Takes Effect in New York
New York Governor Kathy Hochul signed a law on Tuesday partially banning cryptocurrency mining using power generated from fossil fuels. The legislation will prevent companies involved in proof-of-work (PoW) mining that don’t use solely renewable energy such as hydropower from expanding, and renewing or obtaining new permits in the next two years.
The bill introducing the temporary restrictions, which passed the state assembly and senate this past spring, targets specifically PoW authentication, the method employed to validate blockchain transactions for cryptocurrencies l
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