New York lawmakers pass a moratorium on Bitcoin mining

Bitcoin Photo Illustrations As The Value Has Fallen During Last Month
Representation of Bitcoin cryptocurrency is seen in this multiple exposure illustration photo taken in Krakow, Poland on June 1, 2022. | Photo by Jakub Porzycki/NurPhoto via Getty Images

The Bitcoin mining boom in New York state hit a roadblock as the State Senate passed a bill that will halt new permits for certain fossil fuel power plants to be used in Bitcoin mining. The measure, which also initiates a study on the environmental impact mining facilities are having in the state, passed in the State Assembly earlier this year.

Promising new jobs, the crypto industry had split Senate Democrats on whether the moratorium would come with greater environmental or economic costs. Talks languished until late in the evening as the State Senate neared its legislative deadline.

The bill will face another test as it heads to Governor Kathy Hochul to sign or veto. Hochul received a $40,000 donation last month from a chief…

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Author: Justine Calma