Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

New York Gov. Hochul Signs Law Restricting Cryptocurrency Mining Over ‘Environmental Concerns’

by November 23, 2022
November 23, 2022
New York Gov. Hochul Signs Law Restricting Cryptocurrency Mining Over ‘Environmental Concerns’

New York has become the first state in the nation to restrict cryptocurrency mining.

Gov. Kathy Hochul signed a law that temporarily restricts crypto mining in the state citing “environmental concerns.”

The bill was signed on Tuesday after being passed by the state legislature back in June.

“I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment,” Hochul said in a statement.

The Associated Press reports that “the new law sets a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive ‘proof-of-work’ cryptocurrency mining — a term for the computational process that records and secures transactions in bitcoin and similar forms of digital money. Proof-of-work is the blockchain-based algorithm used by bitcoin and some other cryptocurrencies.”

“The law also requires the Department of Environmental Conservation to asses how cryptomining affects the state’s ability to meet its climate goals,” the report continues. “Environmentalists said New York was undermining those goals by letting cryptomining operations run their own natural gas-burning power plants.”

Crypto activists argued that the bill hinders financial growth in the state while ignoring other industries that utilize fossil fuels.

“Cryptocurrency mining requires specialized computers that consume large amounts of energy. One study calculated that as of November 2018, bitcoin’s annual electricity consumption was comparable to Hong Kong’s in 2019, according to the U.S. Energy Information Administration,” the AP report noted.

The post New York Gov. Hochul Signs Law Restricting Cryptocurrency Mining Over ‘Environmental Concerns’ appeared first on The Gateway Pundit.

0
FacebookTwitterGoogle +Pinterest
previous post
Under Grilling From Lawyer for Canadian Trucker Convoy, Trudeau Officials Can’t Name Evidence That Justified Emergencies Act
next post
VoterGA Announced Yesterday that It is Suing Certain Counties in Georgia and Demanding These Counties Retain Their Paper Ballots from the 2020 Election

You may also like

Balance of power: Senate GOP’s campaign chair cautiously...

May 12, 2024

Maricopa County Refuses to Provide Documents to the...

November 27, 2022

No holiday for DeSantis, Pence, Scott and other...

July 5, 2023

Oscar Winning Singer of “Flashdance” & “Fame” Irene...

November 26, 2022

Youtube Announces to Actively Censor and Remove Any...

November 1, 2022

LIVE-STREAM VIDEO: San Francisco Police Press Conference on...

October 28, 2022

Biden admin cracks down on washers, fridges in...

February 11, 2023

China directs largest military build-up since 1930s Nazi...

December 29, 2024

5 biggest FBI scandals during Christopher Wray’s tenure...

December 12, 2024

Saudi Arabia pushes for US defense pact as...

February 5, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved