New York Authorities Limit Cryptocurrency Mining

New York has prohibited to mine cryptocurrency using non-environmentally friendly sources of electricity through a law signed by Governor Kathy Hochul.

This decision was made by the state authorities after FTX launched bankruptcy proceedings. Many congressmen demanded the US government tighten control over the blockchain industry, including crypto trading and mining.

According to the law, New York has introduced a two-year moratorium on the issuance of licenses and on the extension of previously-issued documents to companies that mine cryptos using non-renewable energy sources.

The New York City Department of the Environment will monitor the situation in the blockchain industry and assess the impact of crypto mining on the environment.