ALBANY — Gov. Kathy Hochul approved a moratorium on what’s known as “proof-of-work” cryptocurrency mining, a measure that will be in effect for the next two years. State officials will use that time to study the overall effects of the process and whether it can be conducted in line with New York’s nascent climate laws.
Hochul, who signed the measure Tuesday evening, had remained quiet on the legislation in the months since it was passed by the Legislature — a period that coincided with her campaign for a full term. The moratorium was a cornerstone policy for environmentalists but was fiercely opposed by the business community and by her Republican opponent, U.S. Rep. Lee Zeldin.
Read More: Hochul signs two-year crypto moratorium on fossil-fuel-based mining operations