Cryptocurrency mining businesses looking to set up shop in New York State may face some challenges. Governor Kathy Hochul has approved laws prohibiting cryptocurrency mining in the nation, making it the first state to do so. The environmental legislation imposes a two-year moratorium on new and renewing air licences for fossil fuel power plants used in mining that need “proof-of-work” authentication. The Department of Environmental Conservation will also have to investigate if and how crypto mining undermines the government’s efforts to combat climate change.
