Licensed photo” alt=”New York Governor Kathy Hochul has signed a new law requiring cryptocurrency mining operations to use 100% renewable energy. The law also directs state environmental conservation agencies to investigate the environmental impacts of energy-intensive cryptocurrency mining. Photo by John Angelillo/UPI | Licensed photo“/>
November 23 (UPI) — New York Governor Kathy Hochul has signed a new law banning cryptocurrency mining that uses carbon-based energy. The law requires cryptocurrency mining companies to use 100% renewable energy.
The law creates a two-year moratorium on some cryptocurrency mining efforts that use proof-of-work authentication to validate blockchain transactions, unless they use 100% renewable energy.
“I am signing this act to build on New York’s nation’s leading Climate Leadership and Community Protection Act, the most aggressive climate and clean energy law in the United States, while promoting economic development and employment in the Upstate. Continuing our unwavering efforts to support the creation of New York,” hochul he said In a note when she signed the bill.
Cryptocurrency mining uses a lot of electricity. Under new legislation, New York’s Environmental Protection Agency will study the environmental impact of crypto mining.
the law said“Continued and expanded cryptocurrency mining operations that implement proof-of-work authentication methods to validate blockchain transactions will significantly increase New York State’s energy use and contribute to its compliance with the Climate Leadership and Communities Protection Act.” Make an impact.”
Hochul said the new law is an important step in New York’s efforts to reduce its carbon footprint. The law aims to tighten restrictions on cryptocurrency mining operations that use electricity generated by plants that burn fossil fuels.
“Not only does New York’s regulatory environment put a halt to their goal of carbon-based fuel-proof-of-work mining, but the regulation could become more pervasive, so new renewable energy-based miners are encouraged to enter the state. may discourage us from doing business with said John Warren. CEO of Bitcoin mining company GEM Mining.