New York State To Place Moratorium On Non-Renewable Bitcoin Mining Today

Posted on

New York’s State Senate has passed a bill in a 36-27 vote placing a two-year moratorium on proof-of-work (PoW) cryptocurrency mining with fossil fuels, the method used for mining bitcoin.

The moratorium placed by New York states:

New applications will not be accepted, nor will new permits be issued “​​for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.”