The state of New York became the first one in the United States to impose a moratorium on proof-of-work (PoW) mining, albeit only for two years. Last week, New York governor Kathy Hochul signed the moratorium into a bill, prohibiting any new mining operations that aren’t based on 100% renewable energy. The renewal of licenses would also be frozen. In eight months, the anti-mining bill made its way from the first passing through the state Assembly to the governor’s pen.
The statewide development seems unlucky for New York City mayor Eric Adams, who is focused on making the city a crypto hub. Commenting on the moratorium’s signing into law, Adams sounded more peaceful than he was in June when he promised to ask the governor of the state to veto the document. This time Adams pledged to work with the legislators “who are in support and those who have concerns” and come “to a great meeting place.”
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