Cryptocurrencies
Bitcoin Mining-Ban Bill Advances in New York State Assembly
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Members of the New York State Assembly’s Environmental Conservation Committee voted Tuesday to advance legislation that would impose a two-year moratorium on an energy-intensive type of cryptocurrency mining in the Empire State.
The assembly bill would establish “a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.” It would still have to be passed by the entire Assembly and State Senate and signed by Governor Kathy Hochul before it would become law. Proof-of-work mining has been criticized by climate advocates for its large energy consumption.