New York first US state to ban some crypto mining

New York became the first United States federal state to enact a law that temporarily bans some cryptocurrency mining within its borders.

Citing environmental concerns, Governor Kathy Hochul signed the bill, which will trigger a two-year ban on permits for fossil fuel facilities that employ "proof-of-work authentication" to mine cryptocurrencies.

The move comes amid calls to regulate the crypto market, which intensified after the collapse of FTX, one of the world's most prominent digital currency exchanges.