New York State Senate upholds mining moratorium bill

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The upper house of the New York state parliament has approved a bill for a two-year ban on the opening of new companies using non-environmentally friendly cryptocurrency miningon Proof-of-Work consensus.

The state senate voted 36 to 27 in favor of the bill, which passed the state assembly last month.The moratorium applies to mining farms that mine crypto assets using carbon fuels.does not apply to existing mining companies or those that are currently undergoingThe process of renewing work permits.

Republican Minority in the New York Senateand representatives of the US crypto industry sharply criticized the bill put to the vote. In their opinion, the moratorium will lead to job losses and force mining companies to leave the state.

Acting President and ChiefBaSIC Chief Strategy Officer Clark Vaccaro said the bill's passage "is a dark day for blockchain technology that effectively closes the door on a nascent industry in the state."

In March 2022, the sectionconcerning the ban on the mining of cryptocurrencies using the PoW model, was excluded from the draft law “On Markets of Crypto-Assets” (MiCA) by a decision of EU ECON. This means that cryptocurrency mining using the Proof-of-Work (PoW) consensus model will not be limited in the European Union.