New York: Lawmakers Pass Ban on Cryptocurrency Mining
Lawmakers in the U.S. state of New York passed a law Friday banning certain cryptocurrency mining operations that use carbon-based energy sources.
The law, which was previously approved by the National Assembly in April, was adopted early in the morning in the State Senate with 36 for and 27 against, Anatolia reports.
This decision was accepted due to concerns about climate change and the use of electricity during cryptocurrency mining.
The ongoing and expanded operation of cryptocurrency mining operations that use authentication techniques to confirm blockchain transactions would significantly increase energy consumption in New York State and have an impact on compliance with the law.
Digital transaction book
Blockchain is a public digital transaction book that records and stores all previous transactions and activities, certifying ownership of all currency units at any time.
The entire history of cryptocurrency transactions has a limited length containing a limited number of transactions that increase over time.
The bill is now going to Governor Kathy Hochul who can veto it. If he signs the law, New York would become the first state in the United States to ban cryptocurrency mining operations.