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New York Imposes 2-Year Moratorium on New Proof-of-Work Mining After Gov. Hochul Signs Bill
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 (PoW) cryptocurrency mining.
Updated Apr 9, 2024, 11:20 p.m. Published Nov 23, 2022, 3:44 a.m.
New York's Gov. Kathy Hochul signed into law Tuesday a two-year moratorium on proof-of-work (PoW) cryptocurrency mining.
“I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment,” Hochul said in a message explaining her approval.
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The New York State Senate passed a bill targeting proof-of-work (PoW) mining in June this year an effort to address some of the environmental concerns about cryptocurrencies. The State Assembly passed the bill in May.
Read more: What a Mining Moratorium Could Really Mean for New York’s Crypto Industry
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