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NY gov signs novel law that limits cryptomining, for now

KIFI

ALBANY, N.Y. (AP) — New York is tapping the brakes on the spread of cryptocurrency mining. Gov. Kathy Hochul signed a first-in-the-nation law Tuesday. The measure sets a two-year pause moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive “proof-of-work” cryptocurrency mining. That’s a term for the computational process that records and secures transactions in bitcoin and similar forms of digital money. Environmentalists said the state was undermining its climate goals by letting cryptomining operations run their own natural gas-burning power plants. Cryptocurrency advocates argued that the measure would crimp New York’s economic development and singled out crypto while not addressing other fossil fuel use.

Article Topic Follows: AP National Business

Associated Press

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