New York Governor’s New Initiative To Curb Carbon Footprint
November 23, 2022
Kathy Hochul, New York Governor signs the first law of its kind to crack down on bitcoin mining.
This referred to a ban on certain bitcoin mining operations that utilize carbon-based energy sources.
As per the details, in the next two years, proof-of-work mining companies will not be able to extend or renew permits unless they use 100% renewable energy.
Also, newcomers will not be allowed to come online.
The governor added that it's an important step for New York as the state seeks to curb its carbon footprint.
mining requires a lot of electricity which is used to create bitcoin, among other tokens.
The United States is currently at the forefront of the global Bitcoin mining industry, with 38% of the world's miners.