Proof-of-Work (PoW) Mining Ban from New York: Governor Signs Bill

New York Governor Kathy Hochul has approved a bill banning Proof-of-Work (PoW) mining within state lines for the next 2 years.

in June New York Senate The bill, which was approved by the industry, is despite lobbying pressure from the industry. Governor of New York also approved by Governor Kathy Hochul According to this new law signed by PoW Miners working with the system will not be allowed to work for the next 2 years.

Due to the ban brought by the new law, companies that want to mine with the PoW system in New York will no longer be able to get permission from the governor’s office and start their operations.

For now, the application in question only “start-up companies” was the most striking and reactionary part of the law. Companies that are currently mining with the PoW system within the state will not be affected by the 2-year moratorium (postponement) brought by the approved bill.

Governor Hochul, who approved the law, made the following statements on the subject:

I will take important steps to prioritize protecting our environment while ensuring that New York remains the center of financial innovation.

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