trade now
(BTC) Bitcoin News TodayCryptocurrencyCryptocurrency MiningCryptocurrency RegulationNews

New York City Bans New Cryptocurrency Mining Firms Using Fossil Fuels

New York City has restricted cryptocurrency mining in the state in such a way that it appears that the state has partially banned it. Kathy Hochul, the New York Governor who was re-elected, signed the bill into law yesterday, on the 22nd of November. This, however, does not affect already-existing companies that have followed the proper process.

New York City Has Restricted Cryptocurrency Mining; Cites Climate Change.

Yesterday, on November 22, 2022, Kathy Hochul, the governor of New York City, signed a bill regulating cryptocurrency mining in the state.

According to the bill, which has been passed by the senate months ago, the state will be suspending proof-of-work crypto mining that survives on coal plants for a period spanning over two years.

Kathy Hochul has taken to the public to explain that the intention of the government is to oversee the climatic well-being of the state. According to her, while it is tremendously beneficial to fully explore the prospects of cryptocurrency mining, it does no one any good if, as a result of that, the climate situation will deteriorate.

📰  Tron (TRX): Buyers May Use This Strategy to Survive Uncertain Waters

Due to the abundance of resources, crypto miners have favoured New York City to carry out their mining-related activities; however, that is not without its environmental hazards. 

In fact, locals in New York have made public complaints in the past, expressing their disapproval of the sheer volume of greenhouse gas emissions in the state. 

It is also worthy of notice that the law passed is considerably “fairer” compared to other bills that were proposed. Some went as far as banning crypto mining for a long stretch of time.

As it is now, it appears that the City of New York, while realising the importance of financial inclusion, also prioritises its climate well-being. 

Fuel Generated From Fossils Create Concerns

It appears that due to energy and climate concerns, a number of states have gone on to ban crypto mining, whether partially or completely.

Some of these countries include China, which banned crypto mining earlier this year, and Kosovo, which also banned mining this year. 

📰  Binance CEO, Zhao, Advises Crypto Community To Remove API Keys From Third-Party Platforms

Also, a number of states have gone on to pass stringent rules that regulate the affairs of crypto mining, such as in the case of New York.

It appears that while the advantages of crypto mining are numerous and may signify a financial breakthrough at some point, a large percentage of the world’s leaders will not choose it at the expense of climate well-being. produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  Chiliz Creator Announces 38 Million CHZ As Bailout To FTX Users

📰  Fidelity Eyes Retail Investors With New Crypto Product

Jimmy Kelly

Jimmy is one of the news journalists for Tokenhell. He is a big crypto enthusiast and bought his first crypto token way back in 2015! Jimmy publishes updates about crypto tokens, events, price analysis and regulation among many other subjects.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Skip to content