New York passes a bill to limit bitcoin mining
The moratorium only covers mining operations that run on carbon-based power sources. Any that harness entirely renewable energy sources or an alternative to proof of work that requires less power won't be affected. Existing operations and those already going through a permit renewal processWhile the moratorium is in place, New York will carry out a study into the environmental impact of proof-of-work authentication methods, per the bill.
New York became a hotbed for crypto mining operations in part due to its plentiful hydroelectricity, low electricity prices and cooler climate than other areas of the US . to leave New York due to regulatory uncertainty and set up shop in more crypto-friendly states. Even so, crypto proponents have suggested that, given New York's status as a legislative leader, other states could follow suit with similar regulations.
Meanwhile, the Biden administration is working on a policy regarding bitcoin mining. The White House is looking into the impact of such technology on greenhouse gas emissions. All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
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