Most bitcoin mining stocks tracked by The Block traded higher on Wednesday, some by double digits. The spike took place after Gov. Kathy Hochul signed a partial cryptocurrency mining ban into New York law.
According to the law, New York will impose a two-year moratorium on new fossil fuel-powered cryptocurrency mining operations. The law represents the country's first temporary pause on new permits for fossil fuel power plants that house proof-of-work cryptocurrency mining.
In response to the news, TeraWulf's share price gained 33.59%, Mawson Infrastructure increased 14.29% and Riot Blockchain went up 10.78%. Earlier today, TeraWulf's CEO tweeted that "TeraWulf anticipated policy and legislative efforts like this, and apparently Gov. Hochul anticipated zero carbon crypto mining efforts like ours!"
Core Scientific's shares were also up today by 9.91%, as was Iris Energy (9.8%), Greenidge Generation Holdings (9.78%), and Cipher Mining (9.01%).
Bitcoin was trading at around $16,500 by market close, according to data from TradingView.
Here's how crypto mining companies performed on Wednesday, Nov. 23:
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