Energy

New York bitcoin mining moratorium proceeding through state house

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The state of New York wants to ban new bitcoin mining operations, a move that some industry insiders fear could have a domino effect across the U.S.

The bill, which is swiftly making its way through the state capitol in Albany, calls for a two-year moratorium on certain cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions. Proof-of-work mining, which requires sophisticated gear and a whole lot of electricity, is used to create bitcoin, though ethereumat least for another few months — still uses this method to secure its network.

Lawmakers sponsoring the legislation say they are looking to curb the state’s carbon footprint…



Source cnbc.com

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