On Tuesday, the New York State Assembly enacted a cryptocurrency mining moratorium bill, prohibiting the issuance of new permits or expansion of existing proof-of-work (PoW) mining operations that use carbon-based energy sources. The New York State Senate must approve the bill. The measure will have no effect on existing PoW crypto mining facilities that use
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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
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Following a case brought by a subsidiary of the crypto mining business Bitminer Factory, a district court in Banja Luka, Bosnia and Herzegovina. Of course, has determined that UniCredit’s branch office in the nation would pay a fine of €131 million ($144 million) in damages. The story was initially reported by the local newspaper La
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China’s top economic planning body has declared crypto mining “obsolete,” reiterating the government’s attempts to completely eliminate the industry. The designation was announced by the National Development and Reform Commission on Monday. That’s, as part of an update to a 2019 policy document that outlined how the country will transition its economy to one that
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The Tesla user creates a blockchain network using a series of devices, and new coins enter circulation as a result of this procedure. This is not a simple task; building such a network is costly, and it requires a lot of electricity. Nowadays, mining is more linked with cryptocurrencies than it is with labor-intensive activities.
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The share prices of the largest crypto mining companies have plummeted in lockstep with the price of bitcoin, which has gone from almost $70,000 to roughly $42,000 today. However, the drop in those mining stocks — which many believe are a type of turbo-charged proxy for bitcoin’s price — has been much more pronounced than
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