A law, which has just been adopted by local legislators, imposes a moratorium on the development of bitcoin. The mining of this activity – the main crypto involved – uses very powerful computers to solve complex mathematical equations and thus secure transactions. The “miners” are ultimately rewarded by the creation of new bitcoins. This is called “proof of work”. This computing power consumes large amounts of energy and emits a lot of carbon if the electricity used is produced with fossil fuels.
The text therefore plans to prohibit new players from setting up in the State for two years and to renew the license of companies already established only if they use 100% renewable energy. During these two years, the State will conduct in-depth studies on the environmental impacts of this mining. The United States has become the number one country for the industry, since China banned the activity on its soil in 2020. If its governor, Kathy Hochul, ratifies the law, New York will become the first American state to adopt a policy restrictive in this regard. This could offer an undeniable advantage to other states, in particular Texas, which already concentrates 11% of American capacities, behind Georgia (31%). New York State currently accounts for nearly 10%.