The new legislation targets a specific energy-hungry form of crypto mining used by popular currencies such as Bitcoin.
legislation
targets a specific form of crypto mining that uses the highly energy-intensive “proof-of-work” authentication method—this includes several popular digital currencies including bitcoin. Proof of work-based mining relies on increasingly complex calculations to verify cryptocurrency transactions, a process that requires a lot of computing power which in turn consumes a lot of energy.
If it is signed into law by Hochul, the legislation will place a two-year ban on new permits being issued or existing permits being renewed to conduct proof-of-work authenticated cryptocurrency mining that relies on electricity generated from carbon-based fuels. In this two-year period, the state will carry out a study to examine the environmental impact of proof-of-work mining operations along with any potential “social and economic costs and benefits.”Ethereum, the second-largest cryptocurrency in the world by market cap behind bitcoin, currently also uses proof-of-work authentication.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Voting rights protections passed in New York legislature - New York Amsterdam NewsNew York would make it easier to sue over discriminatory voting policies and require localities with a history of civil right violations to get approval before changing election rules, under legislation that passed the Democrat-controlled Assembly and Senate Thursday.
Read more »
New York state lawmakers pass bill capping size of New York City public school classroomsNew York state lawmakers passed a bill that will shrink the size of New York City public school classrooms.
Read more »
New York lawmakers pass a moratorium on Bitcoin miningThe bill targets fossil fuel power plants.
Read more »
New York Just Passed a Bill Cracking Down on Bitcoin Mining — Here's Everything That's in ItLawmakers in New York just passed a bill to ban certain bitcoin mining operations that run on carbon-based power sources.
Read more »
New York Senate Passes Bitcoin Mining MoratoriumJUST IN: The New York Senate just passed the so-called bitcoin mining 'ban' bill, which will block new proof-of-work mining operations powered by carbon-based energy sources for two years. cheyenneligon nikhileshde report
Read more »
New York State Senate passes Bitcoin mining moratoriumThe controversial PoW mining ban bill got the nod of the New York State Senate late on Wednesday, nearly a month after its approval by the State Assembly.
Read more »