NY Crypto Moratorium Would Provoke Miner Exodus

By John Cahill (July 29, 2022, 5:37 PM EDT) — New York is poised to become the first state to ban blockchain technology infrastructure. A New York Senate bill, S.B. 6486D, would place a two-year pause on new crypto mining operations that run proof-of-work authentication methods to validate blockchain transactions.

Miners within the state would also be prohibited from obtaining new or renewed permits.

Aside from the moratorium, the bill requires a full generic environmental impact statement of crypto mining operations to be completed within one year of its passage.[1]

The pressure from opponents of bitcoin mining will almost certainly lead to an exodus of crypto mining operators in New York. The price…

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