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The US State Senate Passed The PoW Moratorium Into Law

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Almost four months after the US state senate passed the proof-of-work PoW moratorium measure, Governor Kathy Hochul signed it into law on November 22. The moratorium, which forbids any new mining activities that aren’t powered entirely by renewable energy for two years.

Huchul wrote:

“I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment,”

Proof-of-work pow mining consensus is thought to be one of the most secure and decentralized methods of verifying a transaction on a blockchain. However, disagreements over the practice’s heavy energy use have tainted it.

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The mayor, Eric Adams known as a crypto advocate is committed to making New York city a crypto hub. Adams sounded more composed than he did in June when he threatened to request the state’s governor to veto the bill in his remarks following the signing of the moratorium into law.

Due to its regulatory environment, the state of New York is still arguably the least friendly to cryptocurrencies: Not only do the miners now need to obtain a fully renewable power source. Some politicians, however, think that the national crypto laws should resemble New York’s more.

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