New York has enacted a two-year moratorium on proof-of-work cryptocurrency mining operations powered by fossil fuel, becoming the first state in the country to do so.

Governor Kathy Hochul, who was elected to a full term in early November, signed the controversial environmental ban on Tuesday.

In her statement, Hochul said that she wanted New York to remain the center of financial innovation, but the governor also stressed the importance of environmental protection.

The bill was passed by the New York State Senate in early June.