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New York Governor Hochul Signs Moratorium to Curb Crypto Mining

  • New York is first state to temporarily ban new crypto mining
  • The two-year ban targets fossil fuel-powered Bitcoin miners
Kathy Hochul
Kathy HochulPhotographer: Timothy A. Clary/AFP/Getty Images
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New York Governor Kathy Hochul has signed one of the most restrictive laws in the US on regulating cryptocurrency mining, becoming the first state to impose such a ban.

The bill triggers a two-year moratorium on new permits for crypto-mining companies that are powered by fossil fuels and use proof-of-work authentication methods, with millions of computers, to validate transaction data. That earns the companies rewards in the form of the token from the blockchain network.