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New York State Senate Declares A Moratorium On Bitcoin Mining

The New York Senate passed a law imposing a moratorium on the opening of new Proof-of-Work mining farms in the state that use carbon energy, according to Coindesk.

Existing companies will be allowed to continue operations. The moratorium will also not apply to miners using renewable energy sources.

According to the initiator of the bill, Senator Kevin Parker, there is currently only one such enterprise, which will not be affected by the law.

During the ban, the state will conduct a study on the environmental impact of PoW mining. A separate draft law decided to create a task force.

Representatives of the cryptocurrency lobby are concerned that the bill could lead to detrimental economic consequences for New York. The state is considered a favorable place for cryptocurrency mining due to the availability of cheap sources of electricity, including many converted coal-fired power plants for mining.

Cryptocurrency mining companies have threatened to leave the region if the moratorium is passed, pointing to the relative ease of doing business in states like Texas. Community members fear the moratorium could be extended or turned into a ban.

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