NY Governor Hochul Signs Moratorium to Curb Crypto Mining (1)

New York Governor Kathy Hochul has signed probably the most restrictive legal guidelines within the US on regulating cryptocurrency mining, turning into the primary state to impose such a ban.

The invoice triggers a two-year moratorium on new permits for crypto-mining firms which might be powered by fossil fuels and use proof-of-work authentication strategies, with tens of millions of computer systems, to validate transaction knowledge. That earns the businesses rewards within the type of the token from the blockchain community.

Kathy Hochul

Photographer: Timothy A. Clary/AFP/Getty Photographs

The Bitcoin community depends on proof-of-work authentication. Billions of {dollars} have been invested in Bitcoin mining operations and the power consumption for such operations …

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