New York Senate passes Bitcoin mining moratorium

The New York State Senate has passed a bill targeting proof-of-work (PoW) mining to address cryptocurrency environmental concerns. The measure will impose a two-year prohibition on new PoW mining ventures fueled by carbon-based fuel in New York, although existing mining enterprises or those undergoing permit renewal can continue operations. According to the bill’s Democratic sponsor, Sen. Kevin Parker, there is now only one such facility in operation.