New York Imposes 2-Year Moratorium on New Proof-of-Work Mining After Gov. Hochul Signs Bill

The new law sets a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive proof-of-work (PoW) cryptocurrency mining.

AccessTimeIconNov 23, 2022 at 3:44 a.m. UTC
Updated Nov 23, 2022 at 8:47 p.m. UTC

Greg Ahlstrand is CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

New York's Gov. Kathy Hochul signed into law Tuesday a two-year moratorium on proof-of-work (PoW) cryptocurrency mining.

“I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment,” Hochul said in a message explaining her approval.

The New York State Senate passed a bill targeting proof-of-work (PoW) mining in June this year an effort to address some of the environmental concerns about cryptocurrencies. The State Assembly passed the bill in May.



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Greg Ahlstrand is CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

CoinDesk - Unknown

Greg Ahlstrand is CoinDesk's Asia News Editor. Greg has no significant crypto holdings.