Cryptocurrency mining is said to have environmental concerns with the growing size of the industry. The mining operation requires a massive amount of energy and it generates heat as well. Citing these impacts on the environment, New York reported to take a bold move in this direction.
On 22nd November, a law was signed and New York Governor Kathy Hocul said that she will ensure that the state continues to remain the center of financial innovation. Along with this, crucial steps would be taken prioritizing the environment protection.
According to the new law, further issuing and renewal of air permits was provided to those companies which turned some of the oldest fossil fuel plants and developed crypto mining hubs out of them. However, individual crypto miners will be discounted from the ban.
The said law is reported particularly for crypto mining companies within the New York state. Such companies consume a lot of energy since they use the energy intensive PoW crypto authenticatio
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