New York prohibits certain types of cryptocurrency mining



It is not just the FTX crisis that is gripping the cryptocurrency world. In fact, it brings with it a newly signed law associated with the state of New York Major restrictions on mining.

According to the New York Times, Gizmodo, and Engadget, New York is actually the first US state to catch up. Ban certain types of cryptocurrency mining. Simply put, politicians and environmentalists want to reduce the impact of these processes on the environment, because they indicate potentially important energy consumption.

Just think some New York mining groups have built natural gas-fired power plants to support operations of this type. In any case, by means of the indicated law, it was decided to implement it Freeze new permits for two years For fossil fuel power plants used in Proof of Work mining.

In short, the law that was signed into law on November 22, 2022 by New York State Governor Kathy Hochul immediately puts ‘Curb’ on ‘proof-of-work’ mining activities Intense energy results powered by fossil fuels. Existing permits will not be renewed even during the two years mentioned. There is also a will to investigate the actual environmental impact of the whole, to have more information on it in the future.





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