(NewsNation) — New York Governor Kathy Hochul signed a partial moratorium on cryptocurrency mining into legislation on Tuesday, months after the state’s legislature handed a invoice to take action again in June.
The 2-year moratorium applies specifically to permits for fossil gasoline crops that conduct cryptocurrency mining and use “proof of labor authentication.”
In a memorandum accompanying the signing of the brand new legislation, Hochul pointed to atmosphere as one purpose she was backing it.
“It’s the first of the type within the nation and a key step for New York as we work to handle the worldwide local weather disaster,” she wrote.
The legislation may even require the state’s Division of Environmental Conservation to work with the Division of Public Service to create an environmental impression assertion on cryptocurrency mining operations that make the most of proof-of-work authentication.