United States of America: Implemented New York State Crypto Mining Moratorium Bill

On 22 November 2022, the New York Senate Bill S6486D establishing a moratorium on cryptocurrency mining operations using proof-of-work methods to authenticate blockchain transactions was implemented after being passed by the Assembly and signed by the Governor. For two years, no new permits will be issued for these mining operations and existing permits will not be renewed. According to the Bill’s justification, the State of New York has been negatively affected by the rapid increase in crypto mining operations in recent years because of the drain on the power grid, and the massive amount of carbon emissions produced by the industry.