New York State Senate supports mining moratorium bill – Bits Media

The New York State Upper House approved a bill to impose a two-year ban on the opening of new companies., using non-ecological mining of cryptocurrencies based on Proof-of-Work consensus.

State Senate 36 votes against 27 supported the bill, who was in passed the State Assembly last month. Mining farms are subject to the moratorium, mining crypto assets using carbon fuel. The ban does not apply to existing mining companies or those, who are currently undergoing the process of renewing their work permits.

The Republican minority in the New York Senate and representatives of the US crypto industry sharply criticized the proposed bill.. In their opinion, the moratorium will lead to job losses and force mining companies to leave the state.

BaSIC Acting President and Chief Strategy Officer Clark Vaccaro (Clark Vaccaro) said, that the passage of the bill "was a dark day for blockchain technology, which effectively closes the door on a nascent industry in the state.".

In March 2022 year section, regarding the ban on mining cryptocurrencies using the PoW model, was excluded from the draft law “On Crypto Asset Markets” (MiCA) EU ECON decision. It means, that cryptocurrency mining is based on the Proof-of-Work consensus model (PoW) will not be restricted in the European Union.