Spread the love
  • New York has become the first US state to restrict Bitcoin Mining.

New York state Governor, Kathy Hochul, has signed a moratorium on using fossil fuels to power Bitcoin mining operations in the region.

The new legislation is geared towards the addressing of environmental factors in the state, balancing the economic development and climate goals.

Unfortunately,  Bitcoin and other crypto mining companies leveraging cheap energy for mining digital assets in upstate New York, have been targeted by this bill.

Sequel to the restriction, the state hopes to reduce its carbon emissions drastically by 80%.

2 years mining restrictions

For a Proof-of-Work (PoW) mining company to continue mining in the state, renewable energy needs to be the  power source.

However, aside using renewable energy for mining operations, no mining company will be allowed to renew its permit for the next two years.

Meanwhile, new firms have been completely banned from coming on board.

“I will ensure that New York continues to be the center of financial innovation while also taking important steps to prioritize the protection of the environment,” said Governor Hochul.

Anyways, according to reports, the legislation which has been signed by the New York governor is set to be passed into law, but has already received approval from the New York State Assembly and Senate.

The bill was proposed earlier in June to curb the increasing mining operations in the state due to affordable hydroelectric and nuclear power prices.

New York became a hub for crypto mining operations after many companies fled from China.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

Leave a Reply

Your email address will not be published. Required fields are marked *