New York pauses permits for the most polluting crypto mining
Efforts to crack down on crypto’s pollution notched a big win yesterday when New York Governor Kathy Hochul signed a bill into law that presses pause on a particularly dirty form of crypto mining. The law imposes a two-year moratorium on any new permits for certain fossil fuel power plants seeking to mine crypto.
In one high-profile case, a struggling gas plant in New York’s Finger Lakes region overcame economic headwinds by mining Bitcoin. Environmental advocates hoped the moratorium would prevent any other gas or coal plants, which might have otherwise shuttered, from turning into crypto mines.
The moratorium is limited to crypto mining that uses the enormously energy-hungry process for validating transactions that Bitcoin employs,...