By David Pan
New York Governor Kathy Hochul has signed one of the most restrictive laws in the US on regulating cryptocurrency mining, becoming the first state to impose such a ban.
The bill triggers a two-year moratorium on new permits for crypto-mining companies that are powered by fossil fuels and use proof-of-work authentication methods, with millions of computers, to validate transaction data. That earns the companies rewards in the form of the token from the blockchain network.
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 …
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