New York could be first state to pass crypto mining ban

Upstate New York has long been a destination for the crypto mining industry due to the region's abundance of hydroelectric power, favorable climate for cooling rigs and the cheapest electricity prices in the Northeast. In recent years, many shuttered power plants with unused electric infrastructure have been converted into mining centers, even before the exodus of miners from China in 2021. However, the industry's foothold in New York could be coming to an end following a bill that passed early Friday in the New York State Senate. What happened? The new legislation is still waiting for the signature of Governor Kathy Hochul, but calls for a two-year moratorium on proof-of-work mining that utilizes energy from carbon-based sources. Proof-of-work is used for validating transactions and mining new tokens, but requires sophisticated gear and a whole lot of electricity. The law would exempt operations that have already secured permits, though new entrants