Commodity Markets

New York's crypto mining restrictions are the first in the nation

7 days ago   |   By Engadget

Cryptocurrency mining companies hoping to set up shop in New York State may bump into some limits. Governor Kathy Hochul has signed legislation restricting crypto mining in the country, making it the first state to clamp down on the practice. The environment-focused law establishes a two-year freeze on new and renewed air permits for fossil fuel power plants used for mining that uses demanding "proof-of-work" authentication. The Department of Environmental Conservation will also have to study if and how crypto mining hurts the government's climate change mitigation efforts. The bill passed...
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New York pauses permits for the most polluting crypto mining

New York pauses permits for the most polluting crypto mining

7 days ago   |   By The Verge

Governor Kathy Hochul greets the crowd at Election Night Watch Party at Capitale in New York City on November 9th, 2022. | Photo by Lev Radin / Anadolu Agency via Getty Images
Efforts to crack down on crypto's pollution notched a big win yesterday when New York Governor Kathy Hochul signed a bill into law that presses pause on a particularly dirty form of crypto mining. The law imposes a two-year moratorium on any new permits for certain fossil fuel power plants seeking to mine crypto.
In one high-profile case, a struggling gas plant in New York's Finger Lakes region overcame economic...
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