New York Imposes Two-Year Moratorium on New Crypto Mining Facilities

New York Imposes Two-Year Moratorium on New Crypto Mining Facilities

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The state of New York has doubled down on energy-guzzling cryptocurrency mining farms. Last month, a bill passed by the state Assembly that directly targets Proof-of-Work (PoW) blockchains such as Bitcoin and the yet-unMerged Ethereum. The measure imposes a two-year moratorium on new PoW mining farm installations powered by carbon-based fuel. However, it leaves projects based on renewable energy sources or less energy-intensive Proof of Stake (PoS) mining operations ticking along unencumbered.

Following China’s crackdown and an outright ban on cryptocurrency mining, many operators re-localized to Kazakhstan and the United States, sometimes placing undue strain on existing power infrastructures. Chief among the U.S. options for miners was the state of New York, due to its relatively cheap power sourced from hydroelectric facilities and a rising number of decommissioned or otherwise disabled carbon-based powerplants that cryptocurrency mining specialists could spin up with relative ease.¬†



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