New York's mining law, which passed the state assembly in late April and the state senate in June, calls for a two-year moratorium on certain cryptocurrency mining operations which use proof-of-work authentication methods to validate blockchain transactions."Not only is it a clear signal that New York is closed for business to bitcoin miners, it sets a dangerous precedent for singling out a particular industry to ban from energy usage," said Zhang, Foundry's senior vice president of mining strategy.More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State," Boring previously told CNBC."The regulatory environment in New York will not only halt their target – carbon-based fuel proof of work mining – but will also likely discourage new, renewable-based miners from doing business with the state due to the possibility of more regulatory creep," said John Warren, CEO of institutional-grade bitcoin mining company GEM Mining."Even from Foundry's deployments of $500 million in capital towards mining equipment, less than 5% has gone to New York because of the unfriendly political landscape," continued Zhang."