Latest Moni

Crypto mining ban enacted by New York State Legislature

crypto mining ban

A bill restricting cryptocurrency (crypto) miners' usage of fossil fuels was enacted by the New York State Legislature on Friday. However, the bill can't go into effect unless New York Governor Kathy Hochul signs it. Due to the complexity of the mathematical problems that must be solved, cryptomining typically demands a large amount of energy to power computer systems. The network of computer systems known as cryptominers competes to solve the challenge first.

According to the Climate Leadership and Community Protection Act, New York must reduce its greenhouse gas emissions by 85% in order to achieve net zero emissions in the state's economy by the year 2050. A two-year embargo on the granting and renewal of permits for facilities that use carbon-based energy to produce electricity for cryptomining operations will be implemented under this bill. The bill was passed in effort to reduce the amount of energy needed to power crypto mining operations and assist New York State in meeting its goal of reducing emissions. Foundry, a digital currency group company, took to social media to express its unhappiness with the bill's passage. The following was included in the statement from Foundry: Today's approval of a two-year ban on bitcoin mining across the state is disappointing to Foundry. A Rochester-based corporation, committed to creating jobs and boosting the state's economy, believes that this legislation will limit jobs and innovation in New York for many years to come.

Crypto mining ban bolsters renewable energy

This ban on crypto mining operations is sure to have a significant impact on the industry. It remains to be seen how crypto miners will adapt to this new regulation. Some may choose to leave New York State altogether, in search of less regulated environments for crypto mining operations. Others may find ways to continue mining crypto, using alternative clean energy sources that don't rely on fossil fuels. We hope it is the latter. For more blockchain based news go to Latest Moni.

Author: Hassan Alzaza

Author: Hassan Alzaza

My Name is Hassan Al-Zaza, I am a detail-driven and experienced SEO Content Writer living in Germany with over ten years of experience developing and producing top-notch content. I have a Bachelor's degree in English Language and Literature and a Master's in Business Communication. I have been working for 12 years in marketing, Content Writing, and ad Copywriting across SMEs, corporate, and public sector organizations in the EU and the Middle East region. I helped build brands for a wide range of successful companies from IT and software consultancies to the finance industry, tourism, and retail.

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