Business Maverick: New York governor Hochul signs moratorium to curb crypto mining

The Bitcoin network relies on proof-of-work authentication. Billions of dollars have been invested in Bitcoin mining operations and the energy consumption for such operations can equal that of an entire nation.

New York has become one of the biggest crypto-mining hubs after China banned crypto mining last May. Miners have flocked to the state because its low energy costs and cool climate induce higher productivity for the mining operations. But activists have increasingly highlighted the environmental costs of such activities.

“I will ensure that New York continues to be the centre of financial innovation, while also taking important steps to prioritise the protection of the environment,” Hochul said in a statement late on Tuesday. The approval of the bill comes as the crypto industry faces more scrutiny from regulators following the bankruptcy of the crypto exchange FTX. The sudden fall of FTX has sent shock waves and fears of contagion through the crypto market, with Bitcoin temporarily falling below $16,000.

The bill was approved in June by the state Senate but Hochul didn’t sign it until now amid fierce lobbying against the proposal from the cryptocurrency industry. Asked about the crypto moratorium at a gubernatorial debate in late October, Hochul said she’s “looking at that bill closely”, but didn’t outright say she would sign it.

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