Soluna stock jumps as New York nears decision to ban Proof-of-Work crypto mining

Data center developer Soluna (NASDAQ:SLNH) shares have jumped as much as 10% in afternoon trading, as Upstate New York gets closer to banning Proof-of-Work crypto mining, which uses energy from carbon-based sources. Soluna (SLNH), based in Albany, New York, develops data centers for eco-friendly crypto mining. So, if the states' new legislation gets approved by Governor Kathy Hochul, Soluna may be able to grow its market share as more crypto miners using clean energy sources take over those using fossil fuel-based power. Some other green crypto miners (none of which are located in New York) include: Greenidge Generation (GREE -9.5%), Argo Blockchain (ARBK -1.1%), Sphere 3D (ANY -5.2%), Bitfarms (BITF -1.3%), Iris Energy (IREN -9.4%) and Powerbridge Technologies (PBTS +3.9%). In mid-May, Soluna secured $35M financing to enhance green bitcoin mining initiative.