The New York State Senate has passed a bill establishing a moratorium on cryptocurrency mining using carbon-based power sources.
The bill, which was passed by the state Assembly last month, now makes its way to Governor Kathy Hochul, who will either sign it into law or veto it. The bill calls for a two year moratorium on crypto mining operations that use proof-of-work authentication methods to validate blockchain transactions. The energy intensive proof-of-work mining is used by bitcoin and ether, although the latter is preparing a switch to the greener proof-of-stake consensus mechanism. During the moratorium, New York will conduct a study on the potential environmental impacts of proof-of-work mining.