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.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Wall Street wants Xi’s money-minting markets to come backMore than two years of growth-squelching policies sent international investors fleeing China. It’s taken all of two weeks to lure them back.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Stocks drop amid China Covid worries, Fed rate: markets wrapStocks and emerging-market currencies decline in Asia amid concern that China may tighten Covid curbs after reported deaths, and as investors weigh the outlook for US rate hikes.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Energy Stocks Weigh on S&P 500 Amid Demand Fears: Markets WrapUS stocks dropped amid concerns about the growth outlook in the US as the Federal Reserve vows to be persistent to fight inflation. Investors are also seeking shelter in the dollar as worries mount that China may tighten Covid curbs after a string of reported deaths.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Cartoon Tuesday with RicoDefend Truth
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: FTX Latest: House, Senate Line Up Hearings to Investigate CrashHouse and Senate panels are planning hearings in December about bankrupt crypto exchange FTX and its former chief executive officer, Sam Bankman-Fried, amid renewed calls for Congress to strengthen regulation and oversight for the industry.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Outgoing Disney CEO Bob Chapek Likely Leaves With at Least $23 MillionBob Chapek leaves Walt Disney Co.’s top job with exit payments and benefits that could be worth more than $23 million. That’s without including the millions more he could collect in the coming years if the company’s share price recovers. Disney should stop going woke. Pushing such trash like the new snow white. They forgot to change the name to pitch black.
Source: dailymaverick - 🏆 3. / 84 Read more »