New York Gov. Kathy Hochul has signed a law that partially restricts cryptocurrency mining

The contentious environmental prohibition was signed on Tuesday by Governor Kathy Hochul, who was elected to a full term in early November. Hochul stated that she wants New York to continue to be a hub for financial innovation, but she also emphasized the significance of environmental protection. Early in June, the New York State Senate approved the legislation.

New York Partially Bans Crypto Mining

Due to its inexpensive hydroelectric energy sources, New York has grown to be a desirable location for cryptocurrency mining enterprises. Additionally, miners made use of the state’s large number of abandoned fossil fuel power facilities.

Local environmental organizations, meanwhile, have strongly criticized cryptocurrency enterprises for consuming a lot of energy, endangering the state’s climate goals by reviving fossil fuel-burning power plants, and sharply raising greenhouse gas emissions. Some upstate New Yorkers began griping last year about how a nearby Bitcoin mining operation was turning Seneca Lake into a hot tub.

Strong opposition to the law came from the cryptocurrency mining industry, which argued that the restriction would stunt the industry’s expansion. The enacted moratorium is nevertheless less severe than the other legislation, which would have outlawed all cryptocurrency mining in the state for three years.

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