Governor Kathy Hochul signed a two year moratorium on fossil fuel-based 'proof-of-work' cryptocurrency mining operations.
Also worth considering: the crypto industry provides value to a very small number of people. It’s not exactly a public good. And as Texas has demonstrated, crypto mining is a big drain on the energy grid—maybe as muchNew York has experienced an increase in crypto mining operations in recent years, and in some cases the industry has negatively impacted communities— even separate from the climate downsides.
So, residents of Plattsburg are likely heartened by the new regulation along with environmental groups. “This first-in-the-nation law should set the standard for every other state where crypto miners are coming in, extracting resources, and wreaking havoc,” said advocacy non-profit, Earthjustice, in
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