Go green or go home? What the NY State mining moratorium could mean for crypto industry
Cointelegraph
Published May 01, 2022 09:17AM ET
Updated May 01, 2022 11:00AM ET
On April 26, the State of New York put itself at the forefront of the regulatory struggle with crypto, as its Assembly voted for a two-year moratorium on crypto mining operations that use energy generated by fossil-fuel power plants. Depending on how one looks at it, this development could either signal a new alarming legislative trend or a trigger that would accelerate the digital asset industry’s movement toward a more sustainable path.
The lower chamber of the NY state legislature, the Assembly, passed a bill that would put a two-year hold on any new mining operations using the proof-of-work (PoW) consensus mechanism, as well as on the renewal of existing permits.
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Written By: Cointelegraph
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