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New York bans certain types of cryptocurrency mining

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It’s not just the FTX crisis that reigns in the world of cryptocurrencies. It even brings with it a newly signed law of the state of New York. significant restrictions on mining.

According to reports by The New York Times, Gizmodo, and Engadget, New York is actually the first state in the United States. prohibited for certain types of cryptocurrency mining. In other words, politicians and environmentalists want to limit the impact of these operations on the environment, as they refer to potentially significant energy consumption.

Consider that some mining groups in New York are building natural gas plants to support such operations. In any case, it was decided to implement it with the said law. two-year freezing of new permits for fossil fuel power plants used for “proof-of-work” mining.

In short, the law signed by New York State governor Kathy Hochul on November 22, 2022, “Proof-of-work” “brake” to mining operations As a result, energy-intensive fossil fuel powered. Existing permits will not be renewed for the specified two years. There is also a desire to investigate the true environmental impact of the whole in order to know more about it in the future.

Source: Every Eye

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