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New York state partially bans cryptocurrency mining powered by fossil fuels

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New York has become the first state in the US to temporarily ban new permits for fossil fuel plants that power cryptocurrency mining, which is an energy-intensive exercise.

Crypto mining is the process used in the transaction of cryptocurrencies such as bitcoin and ethereum.Signed by re-elected New York Governor Kathy Hochul on November 22, the new law imposes a two-year moratorium on coal plants that house proof-of-work cryptocurrency mining and aims to “balance economic development and climate goals”, Politico reported.It does not affect companies that have already filed paperwork to operate in New York.Also Read | Top crypto news today: Bitcoin hits 2-year low, Bankrupt FTX has $1.2bn in cash, Binance seeks funds & moreNew York is an attractive destination for crypto miners due to the availability of unused infrastructure from former coal power plants and manufacturing units.

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