New York Governor Kathy Hochul signs law partially banning bitcoin mining with fossil fuels.
Businesses engaged in proof-of-work mining in the state will not be able to expand or renew their permits for the next two years as a result of the ban, which is likely to have consequences for the industry across the United States.New York Governor Kathy Hochul signed a law on Tuesday partially banning cryptocurrency mining using power generated from fossil fuels.
Representatives of the industry fear that the ban could have a domino effect across the U.S., a major player in the crypto mining market. The nation’s share of the average monthly globalneared 38% in January, according to the Cambridge Bitcoin Electricity Consumption Index. The Chamber of Digital Commerce issued a warning statement:
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