New York Governor Hochul signs moratorium on proof-of-work mining
Quick Take
- The New York Senate had approved the bill in June.
- It will impose a two-year moratorium on new permits for proof-of-work crypto miners that rely on carbon-based fuel.
New York Governor Kathy Hochul has signed a bill cracking down on crypto mining in the state.
The bill imposes a two-year moratorium on new permits for proof-of-work mining operations that rely on carbon-based fuel to power their activities.
The New York Senate already approved the bill in June, but Hochul had until now held off from signing it in the face of fierce industry lobbying, according to Bloomberg.
“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 on Nov. 22.
An earlier version of crypto mining bill, which called for a three-year moratorium on a broader scope of mining facilities, died in the Assembly in June of last year. Opponents of the current iteration of the moratorium, such as Republican Assemblyman Robert Smullen, had described it as “anti-tech.”
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