New York Governor Signs Proof-of-Work Mining Moratorium

New York Governor Signs Proof-of-Work Mining Moratorium

New York is reportedly the first state in the United States to ban crypto mining.

Governor of New Yorkthe head of government of the US state of New York, Kathy Hochul, has reportedly signed a document turning proof-of-work (PoW) mining moratorium into law.

According to a tweet shared by New York State Assemblymember Anna R. Kelles, the new law prohibits mining cryptocurrencies in the state of New York for two years.

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On top of that, the miners that already have licenses to operate in the state will not be able to renew their licenses. The state will allow to operate only those crypto miners who use 100% renewable energy.

New York is allegedly the first state in the United States to ban crypto mining. It is worth noting that the PoW mining moratorium was first passed in April by the state assembly. In June, the State Senate also gave the green light to the mining moratorium. Lastly, on November 22nd, Kathy Hochul signed it into law.

In the document, New York governor Kathy Hochul noted:

I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment.

Proof-of-work crypto mining is enveloped in controversies regarding its high energy consumption. The United States is the leading Bitcoin (BTC) miner, responsible for 37.84% of Bitcoin network hash rate.

However, while some were happy about the move from the state of New York, others were not satisfied with the decision. Blockchain advocacy group Chamber of Digital Commerce used Twitter to encourage crypto miners to start mining in other states. On top of that, in its Twitter thread, the group added:

The state’s argument the mining industry’s energy use is exponentially beyond other industries is blatantly false. The Climate Leadership and Community Protection Act requires NY greenhouse gas emissions be reduced 85% and achieve net zero emissions in all sectors by 2050.PoW mining is a catalyst to achieve this goal.

In other news, in October, The European Commission informed the European Union members that a worrying situation concerning energy supplies may cause European countries to halt crypto mining.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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