New York sets a two-year moratorium on issuing new permits for cryptocurrency mining using electricity from non-environmental sources
New York State Governor Kathy Hokul signed into law a law that imposes statewide restrictions on cryptocurrency mining using electricity from non-environmental sources. The law is the first of its kind in the United States.
As noted by the Associated Press, such a measure was adopted amid growing attention to the cryptocurrency industry after the collapse of the cryptocurrency exchange FTX.
Thus, the new law establishes a two-year moratorium on issuing new and renewing existing permits for the use of electricity generated from non-renewable sources and involved in the mining of cryptocurrency by Proof-of-work algorithm, which requires a large energy input. In addition, the Department of Environmental Protection of New York will have to assess the impact of mining on the environment.
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