Latest News

New York will vote on a crypto mining ban, despite widespread opposition

Next week, the New York State Assembly will vote on a proposal to ban cryptocurrency mining in the state. The bill, which passed the lower house in March, has been widely panned by the crypto community.

Several unions and groups in New York, including Independent Power Producers of New York, the Blockchain Association, and other crypto lobbyists, had expressed strong opposition to the proposed measure, known as number A7389C.

The ban on crypto mining in New York has sparked widespread outrage.

The measure proposes putting a stop to cryptocurrency mining companies that use proof-of-work authentication mechanisms like Bitcoin and Ethereum. The bill’s main concern is the financial impact of energy-intensive crypto mining.

The bill will be voted on at the assembly session on April 25.

Unions, groups, and crypto communities, on the other hand, have been vocal in their opposition to the measure. The Independent Power Producers of New York has expressed worry about a measure that would limit economic activities related to power supply and enforce a prohibition on power plant licensing.

Furthermore, various crypto organizations, like the Blockchain Association, have launched efforts to prevent New York legislators from adopting a crypto mining ban. People are to contact their state assembly members and beg them to vote “No” on the measure because it threatens jobs and creativity.

The bill, according to crypto organizations, does not mitigate climate change because it just prohibits the usage of electricity in crypto mining activities in New York. Crypto miners can simply shift their operations to adjacent states, but this will have a significant impact on New York when the expanding industry exits the state. It would put the government behind in terms of crypto innovation.

The European Parliament, which had also looked at Bitcoin’s environmental impact. Therefore, rejected a proposed ban on proof-of-work currencies earlier this year.

Crypto usage is increasing in the United States.

Crypto use is on the rise across the United States, including in New York. Even on Wall Street, demand for bitcoin and other cryptocurrencies is increasing. Since China outlawed crypto mining, crypto mining in New York has exploded.

Mayor Eric Adams of New York City opposes the crypto mining measures. That’s, because he understands the benefits of cryptocurrency and crypto mining. To cut emissions, the crypto community tries to use energy-efficient resources and equipment.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.