Bitcoin Mining Chris Larsen Kathy Hochul Bitcoin Usa New York city New York state New York regulation Bitcoin Mining Chris Larsen Kathy Hochul Bitcoin Usa New York city New York state New York

New York governor signs PoW mining moratorium into law

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cointelegraph.com

New York governor Kathy Hochul signed the proof-of-work (PoW) mining moratorium into law on Nov. 22, making it the first state in America to ban any PoW crypto mining activity for two years.The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state.

Any new PoW mining operation in the state could only operate if it uses 100% renewable energy. The PoW mining bill was first passed by the state assembly in April earlier this year and later got the nod of the State Senate in June.

The bill was finally signed into law by governor Huchkul owing to pressure from lobbyists and to meet its carbon emissions targets.

Huchkul wrote:PoW mining consensus is predominantly used by Bitcoin miners and a few other altcoins. It is considered one of the safest and most decentralized ways of authenticating a transaction on a blockchain.

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