Last week, New York Gov. Kathy Hochul signed a two-year moratorium on new and renewed permits for proof-of-work cryptocurrency mining operators that rely on carbon-based fuel to power their activities. The legislation makes New York the first state to enact a temporary ban on new fossil fuel-powered cryptocurrency mining operations. Issuance of permits for electric energy facilities that use alternatives to carbon-based fuel, such as hydropower, are still allowed. "I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment," Gov. Hochul said in a message after signing the legislation into law on Nov. 22.
In similar news, Canada's Manitoba province recently set an 18-month moratorium on new crypto mining operations, citing the possibility of the local grid being overwhelmed by new projects, according to local media reports. The government will stop new crypto mining operations from connecting to the grid during this time; the existing 37 mining facilities will not be affected.
For more information, please refer to the following links:
- New York Signs Two-Year Crypto Mining Moratorium Into Law
- NY Gov. Signs 2-Year Crypto Mining Moratorium
- Canada's Manitoba Province Enacts 18-Month Moratorium on New Crypto Mining: Reports
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