Push to freeze crypto mining heats up in New York

New York is a step closer to imposing a temporary ban on cryptocurrency mining that uses fossil fuels.

The Assembly’s Environmental Conservation committee voted last week to advance a bill that would impose a two-year moratorium on large plants that use a process known as proof-of-work to authenticate blockchain transactions.

While some advocates for crypto say the moratorium could stymie economic growth in New York, lawmakers and environmental groups say mining operations reliant upon fossil fuels threaten the state’s progress in meeting emissions-reduction goals to thwart the worst of climate change.

On Monday the Assembly Banks committee voted in favor of a separate bill that would launch a

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