The New China: Is New York Actually Going To Ban Proof-Of-Work Mining?

The state of New York passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon-based energy sources. The policy will place a two-year ban on proof-of-work (PoW) mining if the assembly bill is approved by New York governor Kathy Hochul. New York PoW Mining Moratorium Legislation to Be Delivered to Governor Kathy Hochul’s Desk, Crypto Advocates Say the Bill Is a ‘Significant Setback for the State’ New York-based lawmakers have submitted a bill that aims to ban PoW mining operations that leverage....

Bitcoiners and politicians come together in Albany, New York to speak out against a proposed ban on proof-of-work mining and to keep industry jobs in the state.

A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work (PoW) mining, like bitcoin, is missing in the latest version of EU’s Markets in Crypto Assets (MiCA) framework. The European Parliament (EP) was expected to approve the proposal on the last....

The cryptocurrency world has been adapting to the current demands and generating new consensus algorithms with better functionalities. The first consensus algorithm was the Proof of Work algorithm, but today there are various protocols such as Proof of Stake and Proof of Space. Specific consensus algorithms offer certain advantages over others. For example, the Proof of Stake algorithm is a more secure, faster and cheaper consensus protocol than Proof of Work. LaneAxis, the world’s freight brokerless direct freight network, utilizes a Proof of Stake algorithm to ensure quick transactions....

Politicians and activists have often targeted crypto mining operations around Seneca Lake due to the presence of Greenidge Generation's plant. With roughly nine months until major federal and state elections, New York State gubernatorial candidate Jumaane Williams is making crypto mining an issue in his campaign, criticizing the lack of regulatory clarity.Speaking to climate activists and protestors at Seneca Lake in upstate New York on Monday, Williams called on current Governor Kathy Hochul to deny permits for proof-of-work crypto mining firms seeking to operate in the state, citing....