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

On 3 May 2021, a bill that establishes a moratorium on cryptocurrency mining operations has been introduced in the New York State Senate using proof-of-work methods to authenticate blockchain transactions. The Bill sets out that for two years, no new permits for these mining operations will be issued and no existing permits will be renewed. The Bill aims to address the negative effects caused by the rapid increase in crypto mining operations which have led to the drain on the power grid, and to massive amounts of carbon emissions produced by the industry.