New York Gov. Signs Law Restricting Cryptocurrency Mining …States ‘Environmental Concerns’

New York has become the ‘first’ at something else now.

No more cryptocurrency mining says Governor Kathy Hochul.

Hochul states “environmental concerns’ in the bill signed Tuesday that was passed by the state legislature in June.

This bill is temporary so we will wee where this goes.

The Associated Press reports that “the new law sets a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive ‘proof-of-work’ cryptocurrency mining — a term for the computational process that records and secures transactions in bitcoin and similar forms of digital money. Proof-of-work is the blockchain-based algorithm used by bitcoin and some other cryptocurrencies.”

“The law also requires the Department of Environmental Conservation to asses how cryptomining affects the state’s ability to meet its climate goals,” the report continues. “Environmentalists said New York was undermining those goals by letting cryptomining operations run their own natural gas-burning power plants.”

This bill will definitely halt the progress crypto activists have been making in the state.

Many on the left are backing up this signed bill.