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New York State Governor Kathy Hochul has signed a moratorium bill on cryptocurrency mining using carbon-generated electricity.
A screenshot of her decision was published by New York Assemblywoman Anna Kelles, who initiated the bill. She called the move “a huge victory for the planet.”
The document would freeze current levels of carbon emissions from mining. Companies operating under such a scheme will not be able to expand operations. Authorities plan to study the potential environmental impact of Proof-of-Work (PoW) mining over a two-year period.
In February, New York gubernatorial candidate Juman Williams called on incumbent state authorities to ban bitcoin and other cryptocurrency mining on PoW.
In April, a group of U.S. congressmen asked the Environmental Protection Agency to check the mining industry for environmental risks and compliance with relevant laws. That same month, the New York Assembly approved two years of restrictions on cryptocurrency mining.
The bill was later supported by state senators, but was criticized by incumbent Mayor Eric Adams.
Industry representatives said that the moratorium would lead to an exodus of the cryptocurrency mining business and would do little for the bill’s stated goals.Recall, experts from the Cambridge Center for Alternative Finance concluded that bitcoin mining produces 0.1% of global CO₂ emissions.
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