New York governor signs PoW mining moratorium into law
New York governor Kathy Hochul signed the proof-of-work (PoW) mining moratorium into law on Nov. 22, making it the first state in America to ban any PoW crypto mining activity for two years.
The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.
The PoW mining bill was first passed by the state assembly in April earlier this year and later got the nod of the State Senate in June. The bill was finally signed into law by governor Huchkul owing to pressure from lobbyists and to meet its carbon emissions targets. Huchkul wrote:
PoW mining consensus is predominantly used by Bitcoin miners and a few other altcoins. It is considered one of the safest and most decentralized ways of authenticating a transaction on a blockchain. However, the practice has been marred by controversies over its high amount of energy consumption.
The United States currently sits at the top of Bitcoin mining hashrate share by country with 37.8% of Bitcoin network hashrate coming from the U.S. The two-year moratorium on PoW mining can prove costly and even create a domino effect for other states to follow on a similar path.
Blockchain advocacy group Chamber of Digital Commerce called out the false narrative in a Twitter post:
The PoW mining FUD is nothing new and has been debunked many times over, however, there has been a significant lobbying effort over the past year, especially from the proponents of proof-of-stake mining. Greenpeace and Ripple co-founder Chris Larsen has been campaigning for a change in the Bitcoin code.
Lawmakers on the other hand have
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