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The measure establishes a two-year moratorium on new permits for cryptocurrency mining operations that use proof-of-work (PoW) authentication methods to A lack of tech expertise has prevented New York from conducting a legally required study of the growing cryptocurrency mining industry before the Friday expiration of a New York is now one step closer to becoming the first state to ban crypto mining that relies on carbon-based power sources. The news comes after the state’s New York lawmakers passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon energy. The bill, once approved by Governor Kathy Hochul, would make New York the first state in the U.S to put a moratorium on crypto mining. The New York State Senate The bill approved early Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy New York lawmakers have passed a moratorium that seeks to bar Bitcoin mining operations for two years in order to ease environmental concerns. The state of New The New York bill, which previously passed the State Assembly in late April before heading to the State Senate, calls for a two-year moratorium on certain cryptocurrency

Bitcoin Mining Moratorium Bill Passed in New York... But Governor Delays Final Call

The future of Bitcoin mining in New York hangs in the balance. New York lawmakers have passed a moratorium that seeks to bar Bitcoin mining operations for two years in order to ease environmental concerns. The measure establishes a two-year moratorium on new permits for cryptocurrency mining operations that use proof-of-work (PoW) authentication methods. This sweeping legislation has ignited debate and uncertainty within the crypto community. Despite the bill's passage in the State Senate (following approval in the State Assembly in late April), the governor's office has yet to make a final decision.

What's at Stake?

The New York bill calls for a two-year moratorium on certain cryptocurrency mining operations. This impacts facilities that leverage carbon energy. New York is now one step closer to becoming the first state to ban crypto mining that relies on carbon-based power sources. The bill, once approved by Governor Kathy Hochul, would make New York the first state in the U.S to put a moratorium on crypto mining impacting operations drawing power from fossil fuel plants. The bill approved early Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy, directly targeting the energy-intensive PoW mining process.

The Reason for the Delay: Study and Concerns

A key element of the legislative process is a legally required study of the growing cryptocurrency mining industry. A lack of tech expertise has prevented New York from conducting this study effectively before the Friday expiration of a crucial deadline. The state of New York needs to assess the environmental impact fully. Governor Hochul faces a difficult decision, weighing the potential economic benefits of crypto mining against the environmental consequences and the mandate of the passed bill. Lawmakers passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon energy.

What's Next for Bitcoin Mining in New York?

The future remains uncertain. All eyes are on Governor Hochul and her upcoming decision. This delay signals the complexity of the issue and the careful consideration being given. Stay tuned for updates as this story develops.

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