New York restricts Cryptocurrency Mining. But Why? – Katoch Tubes
New York bans crypto mining
New York bans crypto mining
What's the news?
What's the news?
New York
governor
Kathy Hochul raised red flag by signing a law against cryptocurrency mining.
First State to do so
First State to do so
New York became the first state in the US to temporarily ban cryptocurrency mining that utilizes Proof-of-Work mechanism.
Why this ban?
Why this ban?
The law highlighted the environmental impact and excessive energy consumption caused because of crypto mining
A temporary ban
A temporary ban
The ban is temporary and will last for two year period. Meanwhile, the department will study the environmental impact of mining operations
Influenced by FTX crash?
Influenced by FTX crash?
The state has specifically highlighted environmental impact to be the reason behind the ban with no influence from FTX crash
What do Miners Mine?
What do Miners Mine?
Bitcoin, LiteCoin, DogeCoin are some of the top currencies mined by Crypto Miners.
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