Crypto news

New York decides to ban mining

The New York State Senate approved a two-year moratorium on cryptocurrency mining using carbon-generated electricity.

It is a bill that would freeze current levels of carbon emissions from mining. Earlier, the document was passed by the lower house of the state legislature.

Operating companies or those in the process of obtaining permission to mine digital assets will be able to continue operations. Authorities plan to study the potential environmental impact of Proof-of-Work mining over a two-year period.

Democratic Senator Kevin Parker noted that there is currently only one facility in the state that would not be affected by the restrictions. He said there is also an application under consideration by the authorities, but a decision on it could be delayed until after the study is completed.

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