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Debate over New York's crypto mining policies heats up at Coinbase town hall

Coinbase's inaugural crypto policy town hall in New York City turned into a heated discussion about the state's ban on certain mining practices. The two-year moratorium on fossil-fuel powered proof-of-work mining facilities in New York, signed by Governor Kathy Hochul in November 2022, has been controversial, with environmental concerns cited by advocates and stifled innovation and job losses by adversaries. The discourse around cryptocurrency in the New York state legislature was positive until environmentalists got involved, causing a loss of support for bills on blockchain. The moratorium will expire in 2024, but there may be efforts to extend or expand the ban.

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