Governor Kathy Hochul has shared that she wants to see success in the crypto industry in New York State. However, she doesn’t want to see success at the cost of the environment.
She states that she has said she supports the industry but that doesn’t mean it should be using limited resources in upstate New York to do mining.
Now, the industry in the state of New York is working to move forward after Hochul approved a two year moratorium on a process used within the crypto industry.
The digital currency validation process known as “proof-of-work” has people worried about whether it’s safe for the environment. Now there is a two year moratorium on the process after the Finger Lakes region and New York City pushed for it.
It isn’t a physical mining process but instead is digital and it’s supposed to benefit the industry. After the bankruptcy of exchange FTX, people are wildly skeptical.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].