The state legislature passed a bill which would put a moratorium on proof-of-work crypto-mining operations that run on carbon-based energy sources. (The Logic)

Talking point: The measure, if signed by the governor, could have a major impact on Bitcoin and Ethereum mining operations in the state. Lawmakers say they are looking to mitigate the environmental impact of crypto miners, who use a significant amount of electricity to validate transactions. Ethereum is moving to a less energy-intensive system, but the shift will still take at least several more months to complete, according to CNBC. New York’s move could prompt more crypto miners to set up shop in Canada, where the cold climate and abundant electricity has drawn more facilities since China’s crackdown on the industry in May 2021.