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New York has become the first state to impose a temporary moratorium on new cryptocurrency mining permits for fossil fuel power plants to address environmental concerns related to the energy-intensive activity.
Gov. Kathy Hochul's bill signed into law on Tuesday was the latest blow in a tumultuous month for the cryptocurrency industry, which was fiercely opposed but failed to successfully sway a coalition of left-leaning lawmakers and environmental activists. .
The bill imposes a two-year moratorium on cryptocurrency mining companies seeking new permits to convert the state's oldest and dirtiest fossil fuel plants into digital mining operations. New York also requires a review of the industry's impact on the state's efforts to reduce greenhouse gas emissions.
New York's move comes months after other states adopted more industrial policies aimed at attracting cryptocurrency mining operations after China cracked down last year.
It couldn't have come at a worse time.
However, this comes at a time when the cryptocurrency sector is experiencing high volatility and could be at a crossroads.
Cryptocurrency exchange FTX filed for bankruptcy earlier this month after a quick and public collapse. The death of a previously trusted player in the new market has sparked widespread concern about the exchange's future, including the possibility of legal action against CEO Sam Bankman-Fried.
Sir. Bankman-Fried is lobbying New York regulators to allow its exchange to operate in the state. He is also a major Democratic donor, giving $1 million to a super PAC organized by Ms. Democritus. Howell's opponent, Antonio Delgado, helped him win the primary earlier this year.
The lady criticized the price. Hochul's political opponents argued it was a sign the industry was trying to pressure the governor to veto the mining moratorium.
The law was passed at the end of this year's legislative session, which ended in June, after successful lobbying by wineries and other interested business owners in the South, where many mining operations are located.
Sir. Hochule has been undecided for months about whether to support the bill, but said his office is considering it and fears the moratorium will stifle economic activity in the region. National cryptocurrency industry groups have lobbied the governor's administration against the temporary ban, fearing that other states will follow New York's lead and enact moratoriums or other restrictions.
By keeping the bill out of the general election, Ms. Hochul avoided a polarizing issue by facing a stiff challenge from Republican Representative Lee Zeldin, who opposed the bill and called it anti-business.
Sir. Mr. Zeldin was narrowly defeated two weeks ago, said Hochul, a Buffalo Democrat. Since then, he has focused on the hundreds of bills he needs to sign in order to be vetoed or moratoriumed by the end of the year.
Sir. In a statement Tuesday in support of the bill, Hochul said he recognizes the "importance of creating economic opportunity in disadvantaged communities" as the first out-of-state governor in nearly a century.
However, he called the bill "an important step for New York as we work to address the global climate crisis."
Bitcoin's impact on the environment
Bitcoin mining is an important component of the cryptocurrency economy. It is a process in which powerful computers solve complex mathematical equations to confirm transactions. And while it was possible for hobbyists to mine the coins at home, as Bitcoin grew in popularity and value, so did the complexity of the equations and the power required to solve them.
However, environmentalists have long argued that the cost of cryptocurrency mining operations is not worth the environmental cost. The process consumes large amounts of electricity, so much so that China banned it last year to meet climate targets.
The Digital Chamber of Commerce, a cryptocurrency advocacy group, criticized the bill for unfairly targeting the cryptocurrency industry, saying: It risks setting a dangerous precedent for deciding who can and cannot exercise power. Proponents of the bill emphasized that the law would not affect existing mining facilities or stop all cryptocurrency mining operations in the state, but only those that own the minerals. the fuel centrals that connect directly to the network will ask for permission to recharge. Renewable energy that has gone away or is not used.
Supporters of the bill cited Tuesday's signing as hopeful that New York's move would set the tone for other states considering the legislation.
"This bill will stop New York's current trend of buying up old power plants for corporate profits, allowing us to accurately assess the industry's impact on our climate goals before it's too late," said Assemblywoman Anna. Keles, the Democrat who sponsored the bill in the Lower House on Tuesday, made the announcement. "Rehabilitating old dismantled power plants that use fossil fuels as a source of energy is a step backwards and we can't afford it."
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