While a U.S. state has yet to follow New York’s lead, Canada’s Manitoba province set an 18-month moratorium on new crypto-mining operations last month, just days after the moratorium was signed into law on November 22.
New York’s two-year ban on new proof-of-work cryptocurrency mining is likely to have only a small direct effect on the power-hungry industry–which is“I think a big issue here is that other states could use this moratorium and in turn enact similar laws locally,” says Brendon Sedo, head of partnerships at CoreDAO, which operates athat runs on a combination of elements from proof-of-work and proof-of stake, the two main systems by which information is added.
As Rust Belt manufacturing declined, starting in the 1950s, it left behind underused and abandoned power plants and factories in upstate New York, convenient sites for crypto miners. Butmining, which requires participants to solve mathematical equations in a way that helps prevent anybody from gaming the system, is opposed by environmental groups as industrialized nations strive to reduce carbon dioxide emissions to counteract climate change.
“Other states have taken a somewhat different approach to bitcoin mining and are encouraging it rather than trying to eliminate it,” says Andrew Webber, founder and CEO of Digital Power Optimization, a service provider that designs, builds, and manages vertically-integrated bitcoin mining operations on behalf of the energy sector.
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