New York Governor signs PoW mining moratorium into law
Governor Kathy Hochul signed into law the POW moratorium bill on November 22, nearly four months after approval of the bill by the state senate.< /p>
New
New York Governor Kathy Hochul signed into law the Proof of Work (PoW) mining moratorium on November 22, making her the first state in America to ban all PoW cryptomining activity for two years.
The PoW mining moratorium will not only prohibit new mining operations, but also deny license renewals to those already operating in the state. Any new PoW mining in the state could only work if it uses 100% renewable energy.
The PoW mining bill was first passed by the state assembly in April earlier this year and was later approved by the state senate in June. The bill was eventually signed into law by Governor Huchkul due to pressure from lobbyists and to meet his carbon emissions targets. Huchkul wrote:
"I will ensure that New York continues to be the center of financial innovation, while taking important steps to prioritize the protection of our environment",
Consensus PoW mining is primarily used by miners of Bitcoin and a few other altcoins. It is considered one of the most secure and decentralized ways to authenticate a transaction on a blockchain. However, this practice has been marred by controversy over its high power consumption.
The United States currently sits at the top of the Bitcoin mining hashrate share by country with 37.8% of the Bitcoin network hashrate coming from the United States. The two-year moratorium on PoW mining may prove costly and even create a domino effect for other states to follow a similar path.
Advocacy Group blockchain Chamber of Digital Commerce denounced the false narrative in a Twitter post:
Governor Kathy Hochul signed into law the POW moratorium bill on November 22, nearly four months after approval of the bill by the state senate.< /p>
New
New York Governor Kathy Hochul signed into law the Proof of Work (PoW) mining moratorium on November 22, making her the first state in America to ban all PoW cryptomining activity for two years.
The PoW mining moratorium will not only prohibit new mining operations, but also deny license renewals to those already operating in the state. Any new PoW mining in the state could only work if it uses 100% renewable energy.
The PoW mining bill was first passed by the state assembly in April earlier this year and was later approved by the state senate in June. The bill was eventually signed into law by Governor Huchkul due to pressure from lobbyists and to meet his carbon emissions targets. Huchkul wrote:
"I will ensure that New York continues to be the center of financial innovation, while taking important steps to prioritize the protection of our environment",
Consensus PoW mining is primarily used by miners of Bitcoin and a few other altcoins. It is considered one of the most secure and decentralized ways to authenticate a transaction on a blockchain. However, this practice has been marred by controversy over its high power consumption.
The United States currently sits at the top of the Bitcoin mining hashrate share by country with 37.8% of the Bitcoin network hashrate coming from the United States. The two-year moratorium on PoW mining may prove costly and even create a domino effect for other states to follow a similar path.
Advocacy Group blockchain Chamber of Digital Commerce denounced the false narrative in a Twitter post:
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