Today: Thursday, 1 December 2022 year

The state of New York passed a law to restrict mining.

The state of New York passed a law to restrict mining.

New York State has become the first state in the US to pass a law to limit the spread of cryptocurrency mining.

As noted, the new law introduces a two-year moratorium on the issuance of new and extended permits for fossil fuel plants used for mining using the energy-intensive proof-of-work algorithm.

New York is taking the first step in the country to slow down the spread of cryptocurrency mining, under legislation signed into law by Gov. Kathy Hokul.

The law also requires the Department of Environmental Protection to assess the impact of cryptocurrency mining on the state’s ability to meet its climate goals.