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The New York Senate has approved a bill that would effectively impose a two-year moratorium on carbon-based Bitcoin mining projects.
Source: Coindesk
BTC is down 1.54%, while BITO is down 2.71% premarket.
Under the measure, New York City will temporarily halt any new proof-of-work mining operations fueled by carbon-based fuel. This will not impact existing mining firms and those currently renewing their permits.
Sponsor Senator Kevin Parker said the city only has one plant currently operating, and the bill would not have any impact on it. The only pending application will be put on hold until the study is finalized.
An earlier version of the bill failed to secure Senate approval, but the latest version reached the full Senate floor hours prior to the closing of the legislative session.
Senators voted 36-27 in favor of the measure sponsored by Senator Kevin Parker, but it would still have to secure the signature of New York Governor Kathy Hochul before being enacted into law.
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