New York has become the first state to temporarily restrict cryptocurrency mining due to environmental concerns.
Source: The Washington Examiner/YouTube
The law temporarily restricts crypto mining in the state, making it the first state to implement a law of its kind. The bill was delivered to Governor Kathy Hochul after the state legislature passed the measure in June. The Associated Press reported that Hochul signed the measure.
The law orders the state’s Department of Environmental Conservation to study the environmental impact of mining operations that use the authentication method. The mining technology for Bitcoin and other cryptocurrencies requires large amounts of energy. The law will establish a two-year moratorium on permits for fossil fuel plants used for cryptocurrency mining that utilizes “proof-of-work authentication,” The Hill reported.
The main energy drain is Bitcoin “mining.” To mine Bitcoin, a specialized computer accesses the Bitcoin network, where it solves complicated algorithms. The number of Bitcoin that mining can yield is finite—21 million. As more Bitcoins are mined, the problems computers need to solve become more difficult. As a result, they use more energy.
Read more about the environmental impacts of bitcoin and other cryptocurrencies on One Green Planet.
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