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In a major win for environmental groups, New York Governor Kathy Hochul signed legislation placing a two-year ban on new large-scale operations used to generate cryptocurrency Tuesday.
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The bill imposes a moratorium on new and renewed permits at fossil fuel-burning plants for a type of crypto mining known as proof-of-work. The process used to create Bitcoin and other cryptocurrencies relies on large amounts of energy.
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State lawmakers concluded their 2022 session by working to pass several gun control and abortion rights bills, as well as a first-in-the-nation two-year ban on crypto mining.
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The legislative session is scheduled to end on Thursday, and Governor Kathy Hochul and the New York State Legislature hope to accomplish several major issues, including further protecting abortion rights and more gun safety measures.
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The move comes as lawmakers in the New York Legislature push to curtail some energy-intensive cryptocurrency mining operations in the state, due to concerns about their environmental impacts.
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Williams said he’s not against cryptocurrency mining altogether, but wants companies to reevaluate their mining process so it doesn’t use as much electricity.
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A Suffolk County employee was arrested for allegedly running a cryptocurrency mining operation on the taxpayers dime.District Attorney Tim Sini said…
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New York failed to pass a measure that would put a hold on new large-scale cryptocurrency mining operations.Cryptocurrency mining requires a permit from…