This week, the New York State Assembly approved legislation imposing a two-year moratorium on Bitcoin mining powered by fossil fuels.
The legislation prohibits crypto-mining from using fossil fuel permits based on a proof-of-work consensus algorithm. In addition, virtual miners are able to compete to add additional blocks. The algorithm, for example, enhances the computer's electricity usage in a variety of ways.
The bill is still being passed through a Senate Vote, which will then be delivered to New York Governor Kathy Hochul to be signed into law or vetoed.
The bill also assigns the Department of Environmental Conservation with the task of drafting an environmental impact assessment. The document would measure greenhouse gas emissions and electricity consumption of cryptocurrency mining, relying on evidence-of-work algorithms.
The Blockchain Association has labelled the bill as a "anti-technology measure" which it has exhorted members of the public to oppose. The group has described the results of Tuesday's vote as "an unwelcome event, but we're grateful to the pioneers who advocated for a rational, progressive and innovative approach to crypto in New York."
The corporation now intends to direct its energy toward the Senate vote.