New York Governor Kathy Hochul has decided to ban certain types of cryptocurrency mining in New York for the next two years, but there is pushback on her decision, even from officials.

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Crypto Fallout

New York bans cryptocurrency mining for two years

Governor Holcomb deciding to ban certain types of cryptocurrency mining in New York for the next two years. But there's pushed back to her decision even from some elected officials. Joined us. Now with all the details. Hey Morgan. Stephen Atasha. Bitcoin mining is the process by which powerful computers solve complex. Mathematical equations to validate transactions. Thereby releasing more digital coins into the market with a growing popularity of Bitcoin. Some states have moved to make their reason friendlier to these types of businesses. But environmental Advocates say the energy cost is not worth. New York. Is that the first states in the nation to partially band cryptocurrency mining for at least two years? A Bill signed by Governor Kathy hochul will prohibit crypto mining companies. I'm turning some of the state's old fossil-fuel plants into digital mining operations, New York. We have one of the most ambitious and important climate laws on the books that other states in the country. Follow and this legislation. Make sure we're doing what we can to meet those goals. The legislation also requires New York to study the industry's impact on the state's efforts to reduce its greenhouse gas. Emissions, this is a huge win for environmental Advocates who have been pushing back against a large lobbying firms who are looking to block this bill. Climate Advocates, say that the process of crypto mining requires. An immense amount of electricity China, bans, crypto mining last year estimates indicate that globally proof of where crypto mining is consuming as much energy as entire countries, like Ireland, but is Liz Moran with earthjustice explains using fossil fuels is not the only option to produce digital coins. The second largest cryptocurrency aetherium switched from proof of work to a different validation method, called proof of stake, back in September and then actually consumes 99 /. 99 Point 5% Less energy than proof of work. So it doesn't have to be cryptoverse of the environments, The Business Council of New York, State's denounces Bill and it a statement said they do not believe the legislature should seek to categorically limit the growth and expansion of any business or sector in New York mayor. Eric Adams has also been a strong supporter of the crypto industry wanting to make the city. The global capital for cryptocurrency and took his first three paychecks in Bitcoin on Tuesday, Adams continued to defend the industry. Despite recent pitfalls in the market. Industries are not going to go away because they reached a low point. This is an industry that we must Embrace. I'm looking to further leaning into blockchain and other Technologies. This legislation will not impact existing mining facilities or stop all crypto mining activity in the states just in PAX. Crypto companies. Seeking permits to repower fossil-fuel plants Steve. Alright, thanks more.

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Crypto Fallout