New York has become the first state in the United States to impose a temporary moratorium on any new fossil fuel-powered cryptocurrency mining activities.
New York Governor Kathy Hochul signed a law on Tuesday a two-year moratorium on proof-of-work (PoW) cryptocurrency mining operations. The law states that for the next two years unless a PoW mining operation uses 100% renewable energy, it will not be allowed to renew or expand permits and will not allow any new entrants to come online. According to reports by Decrypt, a memo for the bill reads:
The law will prohibit Environmental Conservation Law permits from being issued for two years to proof-of-work cryptocurrency mining operations that are operated through electric generating facilities that use carbon-based fuel.
The Bill was first approved by the New York State Assembly in April and passed in June by the State Senate. Hochul explained her motivation for the bill explaining that the move is “a key step for New York as we work
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