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ARTICLE · 06 DECEMBER 2022

New York State And Canadian Province Set Limits On Crypto Mining

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Last week, New York Gov. Kathy Hochul signed a two-year moratorium on new and renewed permits for proof-of-work cryptocurrency mining operators that rely on carbon-based fuel to power their activities

United StatesTechnology
Joanna Wasick
Joanna Wasick
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Last week, New York Gov. Kathy Hochul signed a two-year moratorium on new and renewed permits for proof-of-work cryptocurrency mining operators that rely on carbon-based fuel to power their activities. The legislation makes New York the first state to enact a temporary ban on new fossil fuel-powered cryptocurrency mining operations. Issuance of permits for electric energy facilities that use alternatives to carbon-based fuel, such as hydropower, are still allowed. "I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment," Gov. Hochul said in a message after signing the legislation into law on Nov. 22.

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