New York Governor Kathy Hochul has signed into law the state’s controversial Proof-of-Work (PoW) mining ban bill.
After far more than five months of hesitationNew York Governor Kathy Hochul has signed a bill to crack down on cryptocurrency mining in the state, for at least two many years due to issues about the unfavorable affect on the setting, Although Bitcoin miners are at this time in the approach of renewing their working licenses.
We created it!!! Thank you extremely substantially @GovKathyHochul for signing the moratorium on cryptocurrencies! This is a huge win for our planet and a indicator that New York is not afraid to lead the nation in our climate policy. Thanks to all people who fought with me pic.twitter.com/a2t3LPzB7P
— Anna R. Kelles (@annakelles) November 23, 2022
Crypto mining operations by the mechanism PoW with fossil fuels will be absolutely banned in New York. Under the new laws, only PoW operations powered by one hundred% renewable vitality can proceed.
The New York Senate has passed this bill log into June three in the encounter of a wave of local community discontent. Song However, Governor Kathy Hochul made a decision to delay accepted the bill to date.
“I want New York to continue to be the center of financial innovation, but at the same time not forget to care about environmental issues,” Ms. Hochul sent on Nov. 22.
A equivalent proposal had previously been proposed, calling for a 3-yr ban on mining, but failed in Congress final June.
Indeed, PoW mining is a controversial subject globally, not just in New York. Most authorities are even now striving to intervene, primarily by placing strain straight on Bitcoin.
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