The state of New York passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon-based energy sources. The policy will place a two-year ban on proof-of-work (PoW) mining if the assembly bill is approved by New York governor Kathy Hochul.
New York is setting a bad precedent that other states could follow.
Speaking with CNBC’s Sigalos, the founder and president of the Chamber of Digital Commerce, Perianne Boring told the reporter that the moratorium is a setback. “This is a significant setback for the state and will stifle its future as a leader in technology and global financial services,” Boring detailed. More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State,” the Chamber of Digital Commerce president added.
What do you think about New York’s moratorium policy on specific types of cryptocurrency mining operations? Do you think governor Kathy Hochul will sign the bill? Let us know what you think about this subject in the comments section below.