According to Bloomberg, New York Governor Kathy Hochul has signed one of the most restrictive laws in the US on regulating cryptocurrency mining. The bill triggers a two-year moratorium on new permits for crypto-mining companies that are powered by fossil fuels and use proof-of-work authentication methods, with millions of computers, to validate transaction data.
Previously, New York passed a bill to ban certain bitcoin mining operations that run on carbon-based power sources in June this year.