New York Gov. Kathy Hochul signed a two-year moratorium on Tuesday that will temporarily pause new permits for power plants that house the hardware to"mine" cryptocurrency.The bill was passed in the state legislature over the summer but has been delayed by Hochul for several months.
New York state has become a notable home for crypto miners due to the availability of former power plants to house the hardware required for doing so, according to Politico. Hochul's signing of the law will also spark a study by New York's Department of Environmental Conservation to determine the specific effects of crypto mining on the environment.
The industry has attempted to adapt to these claims by cutting power consumption through changes in the mining process. Ethereum, the second-largest cryptocurrency in the world, swapped to"proof of stake" for its mining this year. This decision will reportedly cut the currency's carbon footprint by 99%.
Ban Bitcoin, yet push their CBDC?
Bearish on new york
New York sucks
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