The New York State has passed a bill targeting proof-of-work (PoW) cryptocurrency mining in a bid to address some of the environmental concerns surrounding digital assets. The bill would impose a two-year moratorium on any new PoW mining projects powered by carbon-based fuel.

Nasdaq-listed cryptocurrency exchange Coinbase has extended its hiring freeze “for as long as this macro environment requires,” and to include backfills, while rescinding a number of already accepted offers.

El Salvador’s leaders are keeping their highly-anticipated bitcoin bond offering on hold, according to finance minister Alejandro Zelaya, who cited market conditions following Russia’s invasion of Ukraine as a reason for the hold.

Top stories in the Crypto Roundup today:

• New York State Passes Crypto Mining Moratorium
• Coinbase Extends Hiring Freeze and Rescinds Accepted Job Offers
• El Salvador Keeps Bitcoin Bond on Hold
• Crypto Market Movers – VGX, GLM, MPL

New York State Passes Crypto Mining Moratorium

The New York State has passed a bill targeting proof-of-work (PoW) cryptocurrency mining in a bid to address some of the environmental concerns surrounding digital assets. The bill would impose a two-year moratorium on any new PoW mining projects powered by carbon-based fuel.

The Senate voted 36-27 in favor of the bill, which allows existing mining firms or ones undergoing the permit renewal process to continue operations. Per the bill’s Democratic sponsor, Sen. Kevin Parker, there’s only one plant in operation that would not be impacted by the bill, while there is one pending application that may be put on hold.

During the moratorium, the state of New York will conduct a study on the environmental impact of PoW mining. While the bill has been passed by the Senate, New York Governor Kathy Hochul still needs to sign it before it becomes law.

Mining companies have in the past threatened to leave New York if the moratorium is passed, pointing to the ease of doing business in more mining-friendly states.

Coinbase Extends Hiring Freeze and Rescinds Accepted Job Offers

Nasdaq-listed cryptocurrency exchange Coinbase has extended its hiring freeze “for as long as this macro environment requires,” and to include backfills, while rescinding a number of already accepted offers.

The move expands a hiring pause implemented two weeks ago following a worse-than-expected first-quarter report, and is in line with a wider wave of layoffs and hiring freezes in the cryptocurrency space.

Coinbase’s Chief People Officer L.J. Brock wrote that this isn’t a decision the company made lightly but sees it as necessary “to ensure we are only growing in the highest-priority areas.” To help offset the ramifications of its sudden change, Coinbase is establishing a support system for applications. Brock wrote:

"To further support impacted individuals, we are establishing a talent hub to allow them to opt-in to receive additional support services including job placement support, resume review, interview coaching and access to our strong industry connections."

Brock defended the decision as a prudent one “given market conditions” and added that Coinbase will “continue to evaluate all of our options.”

El Salvador Keeps Bitcoin Bond on Hold

El Salvador’s leaders are keeping their highly-anticipated bitcoin bond offering on hold, according to finance minister Alejandro Zelaya, who cited market conditions following Russia’s invasion of Ukraine as a reason for the hold.

The $1 billion bond was initially supposed to be launched in mid March, but at the time Zelaya noted the country was waiting for the right time to launch over conditions including the war. Furthermore, the Salvadoran government hadn’t yet finalized legislation around a framework to regulate digital assets.

Economists have meanwhile raised concerns over El Salvador’s ability to raise funds to cover its impending financial obligations, which include an $800 million bond maturing in January. Zelaya has noted the country is in talks with the International Monetary Fund (IMF) and that an update will come over the next few weeks.

Analysts have also questioned El Salvador’s bitcoin buying strategy considering recent drops in BTC’s price.

Crypto Market Movers – VGX, GLM, MPL

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Voyager (VGX) - The Voyager Token is the native cryptocurrency of the Voyager cryptocurrency broker, which provides investors with secure access to cryptocurrencies with a solution that allows them to get the best price on their assets out of several cryptocurrency exchanges.

Golem Network Token (GLM) - The Golem Network is a decentralized computation network. Using Golem users can buy or sell computational power from other users in a peer-to-peer environment. Golem is built using Ethereum smart contracts as a transaction system for nano-payments within the network. Golem Network Tokens (GNT) will serve as a secure medium for all transactions within the Golem Network.

Maple Finance (MPL) - Maple Finance is an institutional capital marketplace powered by blockchain technology. On a mission to redefine capital markets through digital assets, Maple expands the digital economy by providing undercollateralized lending for institutional borrowers and fixed-income opportunities for lenders.

State of the Crypto by Top Tier Exchange Volume

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