December 9, 2022

The authorities of New York have introduced a two-year ban on the mining of cryptocurrencies on PoW

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1 min.

The authorities of New York have introduced a two-year ban on the mining of cryptocurrencies on PoW

New York Governor Kathy Hochul signed into law a two-year moratorium on Proof-of-Work (PoW) cryptocurrency mining in the state.

The New York Senate approved a bill toa two-year ban on the opening of new companies using unsustainable cryptocurrency mining back in June. However, Kathy Hochul has so far refrained from signing it due to heavy lobbying from the industry.

An earlier version of the bill, whichcalled for a three-year moratorium on a wider range of mining capacities, was rejected by the Assembly last June. Opponents of the current version, including Republican Assemblyman Robert Smullen, see the ban as "anti-tech."

"I'll make sure New York keeps goingcontinue to be the center of financial innovation, and will take important steps to prioritize the protection of our environment,” Hokul said.

Recall that last week the New York authorities urged everyone to focus on their approach to regulating the crypto industry.