New York finally bans bitcoin mining

The New York State Senate has supported a two-year moratorium on PoW cryptocurrency mining.

The bill prohibits mining for new companies, while existing ones will be able to continue their work. However, they will not be allowed to expand.

Many activists and members of the assembly disagree with this ban. As Republican Party representative Robert Smullen said earlier, this law will only lead to miners moving to other states and operating there without hindrance. «We are moving to a cashless economy. I believe that we should create all the conditions for such areas and look for other ways to reduce harmful emissions into the atmosphere.»

The bill will come into effect after it is signed by New York Governor Kathy Hocking. It is important to note that the state is targeting miners who actively use coal-fired power plants. The moratorium will not apply to those who use alternative energy sources. Within two years, the government plans to conduct a study on the environmental impact of mining.