Under this bill, New York will be in the same league as China, which also banned Bitcoin mining last year.
If the bill is approved, it will go to the governor’s office, and once it is signed into law, it will make New York the first state in the US to ban cryptocurrency mining activities.
The PoW consensus is mainly used by Bitcoin miners, and it is ranked as the safest and most decentralized method of mining.
The intense energy consumption of the Bitcoin mining process has created debate among global policymakers.