New York Gov. Kathy Hochul signed the nation’s first moratorium on cryptocurrency mining, a process the industry uses to produce additional units of currency. Mining consumes huge amounts of electricity, which becomes problematic for the environment.
. The company is still running as it pushes for an appeal to the air permit denial, and a hearing is scheduled for early December. The news was still met with relief and celebration by some local residents that have been fighting for its closure.
The moratorium took a backseat during the election — with Hochul keeping somewhat quiet on whether she would sign it. The Blockchain Association adamantly opposed the moratorium, claiming it would chase away cryptocurrency companies from setting up shop in New York. Rep.
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