New york bans bitcoin mining

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Cheyenne Ligon was a CoinDesk firms have also repurposed defunct on crypto regulation and policy. Kathy Hochul still needs to sponsor, state Sen.

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New York Gov. Kathy Hochul signed legislation Nov. 22 banning new crypto mining operations in the state that are powered by fossil fuel. New York's law temporarily bans cryptocurrency mining companies that use fossil fuels from receiving or renewing operating permits. New York Governor Kathy Hochul signed legislation temporarily halting certain kinds of crypto mining. The state became a new hub for Bitcoin.

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Some in the industry aren't waiting for the state to make a ban official before taking action. Environmental advocates hoped the moratorium would prevent any other gas or coal plants, which might have otherwise shuttered, from turning into crypto mines. Proof-of-Work PoW is a decentralized consensus mechanism used to vali- date transactions and secure a blockchain. If the law gets signed by the Governor, miners who want to continue to work in the state will need to find a way to comply with the law to avoid prosecution. Key Takeaways The state of New York is considering a law that would ban cryptocurrency mining in the state if not powered by a renewable energy source.

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