{"id":514600,"date":"2022-11-23T12:08:57","date_gmt":"2022-11-23T09:08:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-york-governor-signs-pow-mining-moratorium-into-law\/"},"modified":"2022-11-23T12:08:57","modified_gmt":"2022-11-23T09:08:57","slug":"new-york-governor-signs-pow-mining-moratorium-into-law","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-york-governor-signs-pow-mining-moratorium-into-law\/","title":{"rendered":"# New York governor signs PoW mining moratorium into law"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a393fb120a0a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a393fb120a0a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-york-governor-signs-pow-mining-moratorium-into-law\/#%E2%80%9D_New_York_governor_signs_PoW_mining_moratorium_into_law_%E2%80%9C\" >&#8221; New York governor signs PoW mining moratorium into law  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_New_York_governor_signs_PoW_mining_moratorium_into_law_%E2%80%9C\"><\/span>&#8221; New York governor signs PoW mining moratorium into law  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5129e2ea>New York governor Kathy Hochul <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/annakelles\/status\/1595214167073607680?t=flDiCXF95gun2Ve6nGJLKw&amp;s=19\">signed<\/a> 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.<\/p>\n<p>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. <\/p>\n<p>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:<\/p>\n<blockquote><p>\u201cI 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,\u201d <\/p><\/blockquote>\n<p>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.<\/p>\n<p>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. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/9c93c027-71b2-4f00-83cd-68cfc2cb0dcb.png\"><\/figure>\n<p>Blockchain advocacy group Chamber of Digital Commerce called out the false narrative in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DigitalChamber\/status\/1595238832017793024?s=20&amp;t=7Kuo8mcrPuR7ypxj9bwuMQ\">post<\/a>:<\/p>\n<blockquote><p>\u201cThe state\u2019s argument the mining industry\u2019s energy use is exponentially beyond other industries is blatantly false. The Climate Leadership and Community Protection Act requires NY greenhouse gas emissions be reduced by 85% and achieve net zero emissions in all sectors by 2050.\u201d<\/p><\/blockquote>\n<p>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.<\/p>\n<p>Lawmakers on the other hand have conveniently sidelined available research reports that a significant chunk of Bitcoin mining energy comes from renewable sources. Bitcoin mining council report highlighted that more than 60% of the electricity consumption by the BTC network comes from clean sources.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/533c3ffa-104e-4ddb-9a2b-60e4d30cb399.png\"><\/figure>\n<p>European crypto regulators had proposed a similar PoW ban in their Markets in Crypto Assets (MiCA) legislative. However, proponents of outlawing operations with PoW-based digital assets could not muster enough support, meaning that MiCa legislation was passed without such a ban.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-york-governor-signs-pow-mining-moratorium-into-law\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; New York governor signs PoW mining moratorium into law &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":514601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZDcyZWY4M2YtMzEyYi00NzlhLTg3MDktYzNhOGY3MmFmNmViLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,44483,3885,70934,70753],"class_list":["post-514600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-new-york-state","tag-new-york","tag-regulation","tag-renewable-energy"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=514600"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514601"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}