Cryptocurrencies New York bans new proof-of-work permits in a blow to bitcoin miners
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Proof-of-work is the most energy-intensive form of cryptocurrency mining, and is the method used by bitcoin, the largest cryptocurrency by market share. Upstate New York, with its cheap hydroelectric power, is a popular region for crypto miners to set up shop. “As the first governor from Upstate New York in nearly a century, I recognize the importance of creating economic opportunity in communities that have been left behind,” she wrote.
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