New York bans  crypto mining

What's the news?

New York governor Kathy Hochul raised red flag by signing a law against cryptocurrency mining.

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?

The law highlighted the environmental impact and excessive energy consumption caused because of crypto mining

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?

The state has specifically highlighted environmental impact to be the reason behind the ban with no influence from  FTX crash

What do Miners Mine?

Bitcoin, LiteCoin, DogeCoin are some of the top currencies mined by Crypto Miners.

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