The post New York’s Democratic Gov Puts Ban on Cryptocurrency Mining appeared first on Coinpedia Fintech News
On Tuesday, Kathy Hochul, the governor of New York, signed legislation outlawing some bitcoin mining businesses that use carbon-based energy sources. A proof-of-work mining firm will not be permitted to expand, renew permits, or allow new competitors to start operations for the next two years unless it employs only renewable energy.
The governor went on to say that it was an important move for New York in its efforts to reduce its carbon footprint by cracking down on mining that use electricity generated by fossil fuel-burning power plants.
A proof-of-work (PoW) mining measure was approved by the New York State Senate in June of this year in an effort to allay some of the environmental worries about cryptocurrencies. The bill was approved by the State Assembly in may