The authorities of New York have introduced a two-year ban on the mining of cryptocurrencies on PoW

New York Governor Kathy Hochul signed into law a two-year moratorium on Proof-of-Work (PoW) cryptocurrency mining in the state.

The New York Senate approved a bill for a two-year ban on the opening of new companies using unsustainable cryptocurrency mining back in June. However, Kathy Hochul has so far refrained from signing it due to heavy lobbying from the industry.

An earlier version of the bill, which called for a three-year moratorium on a wider range of mining capacities, was defeated by the Assembly last June. Opponents of the current version, including Republican Assemblyman Robert Smullen, see the ban as "anti-tech."

"I will ensure that New York City continues to be a center of financial innovation and will take important steps to prioritize protecting our environment," Hokul said.

Recall that last week the New York authorities urged everyone to focus on their approach to regulating the crypto industry.