Bitcoin Mining Crackdown Looms in New York as Lawmakers Pass Moratorium

The New York Senate on Friday passed a bill that might ban mining of cryptocurrencies on the Proof-of-Work algorithm for two years if Governor Kathy Hochul signs it.

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According to CNBC, the law doesn’t affect the already running crypto mining centers and will focus only on those operations that run on carbon-based power sources. Those who support the legislation say they want to curb the state’s carbon footprint by cracking down on mines. If the bill passes, the state would ban expanding or renewing permits, and new entrants would not be allowed to come.

Meanwhile, the Biden administration started working on a new report that will examine how much crypto mining affects global climate and the power grid in the US.

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Although it is unclear if any policy actions to follow the report, the administration wants to assess all the areas that might be affected by crypto mining, starting from noise pollution to the energy efficiency of using different mining algorithms.

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