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New York Imposes a Two-year Moratorium on Crypto Mining

ByLouis Adams

Nov 23, 2022 #mining, #US
Reading time: < 1 minute

New York Governor Kathy Hochul yesterday signed into law a moratorium on mining cryptocurrencies using electricity generated from carbon sources.

She said:

“I will ensure that New York City continues to be a center of financial innovation and will take important steps to prioritize protecting our environment.”

A screenshot of her decision was posted by New York Assembly member Anna Kelles, who initiated the bill. According to her, the move is “a huge win for the planet.”

The document provides for the freezing of current levels of carbon emissions from mining. Enterprises operating under this scheme will not be able to expand operations. Over the course of a two-year period, the authorities plan to study the potential environmental impact of PoW mining.