New York Governor Hochul Signs Moratorium to Curb Crypto Mining

According to Bloomberg, New York Governor Kathy Hochul has signed one of the most restrictive laws in the US on regulating cryptocurrency mining. The bill triggers a two-year moratorium on new permits for crypto-mining companies that are powered by fossil fuels and use proof-of-work authentication methods, with millions of computers, to validate transaction data.

Previously, New York passed a bill to ban certain bitcoin mining operations that run on carbon-based power sources in June this year.