The bill targets fossil fuel power plants.
. New York, with abundant hydroelectricity and retired fossil fuel plants that can be restarted back up to mine Bitcoin, quickly became a new hub for Bitcoin mining.
That fossil-fuel resurgence has sparked backlash from some residents and environmental advocates. They’re worried that revived fossil fuel plants, with Bitcoin’s help, will damage ecosystems and derail the state’s efforts to tackle climate change. The bill that moved forward today establishes a two-year moratorium on any new permits for cryptocurrency mining operations that use a particularly energy-hungry approach to verify transactions on the blockchain. The approach, called proof-of-work, underpins the two biggest cryptocurrencies — Bitcoin and Ethereum.
With proof-of-work, “miners” use special hardware to solve complex puzzles, and in return, they earn crypto tokens. The process uses up a lot of energy. If the Bitcoin network was its own nation, it would rank
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