New York Clamps Down On Bitcoin Mining In Newly Passed Bill

legislation

targets a specific form of crypto mining that uses the highly energy-intensive “proof-of-work” authentication method—this includes several popular digital currencies including bitcoin. Proof of work-based mining relies on increasingly complex calculations to verify cryptocurrency transactions, a process that requires a lot of computing power which in turn consumes a lot of energy.

If it is signed into law by Hochul, the legislation will place a two-year ban on new permits being issued or existing permits being renewed to conduct proof-of-work authenticated cryptocurrency mining that relies on electricity generated from carbon-based fuels. In this two-year period, the state will carry out a study to examine the environmental impact of proof-of-work mining operations along with any potential “social and economic costs and benefits.”Ethereum, the second-largest cryptocurrency in the world by market cap behind bitcoin, currently also uses proof-of-work authentication.

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