Daily Management Review

New York State restricts cryptocurrency mining


The first US state to impose restrictions on cryptocurrency (mining) was New York.

CryptoWallet.com Images
CryptoWallet.com Images
A bill that would put a two-year embargo on the issuing of new permits, as well as renewal and expansion of current licenses for mining companies to utilize the premises of nearby fossil-energy power plants was signed by the state governor, according to The New York Times.

At that, using renewable energy sources for mining is still legal In New York.

The proof-of-work mining algorithm, which demands a lot of computer power and increases carbon emissions into the environment, is the sole type of mining that is subject to the embargo. The world's most well-known cryptocurrency payment system, Bitcoin, is specifically run by it.

Modern cryptocurrency projects use the proof-of-stake mechanism, where network participants' financial resources—rather than their computational power—are what matter. This includes Ethereum, the second most popular cryptocurrency in the world. As a result, this operating principle is substantially more environmentally friendly.

source: nytimes.com