New York's crypto mining restrictions are the first in the nation
in the country, making it the first state to clamp down on the practice. The environment-focused law establishes a two-year freeze on new and renewed air permits for fossil fuel power plants used for mining that uses demanding"proof-of-work" authentication. The Department of Environmental Conservation will also have to study if and how crypto mining hurts the government's climate change mitigation efforts.
The bill passed the state legislature in June, but didn't reach Hochul's desk until this Tuesday. It wasn't guaranteed to become law.that the governor didn't commit to signing the measure during an October election debate. Her main opponent, Lee Zeldin, said he wouldn't sign the bill if he were in a position to do so.
Politicians and environmental groups have worried that crypto mining, particularly that involving proof-of-work,. The computationally intensive process adds to the load on the electrical grid, and has even prompted some mining outfits in New York to build natural gas-based power plants to sustain their operations. The cryptocurrency world has sometimes tried to minimize the impact.
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