New York Passes Bitcoin Mining Ban

It’s been revealed that New York passes a Bitcoin mining ban. Check out the latest reports about this issue below.

Accoridng to the latest reports, following an early morning vote in Albany on Friday, lawmakers in New York passed a bill to ban certain BTC mining operations that run on carbon-based power sources.

This measure is now heading to the desk of Governor Kathy Hochul, who could sign it into law or veto it.

Accoridng to new data coming from CNBC, if Hochul signs the bill, it would make New York the first state in the country to ban blockchain technology infrastructure. This is according to Perianne Boring, founder, and president of the Chamber of Digital Commerce. Industry insiders also tell CNBC it could have a domino effect across the U.S., which is currently at the forefront of the global bitcoin mining industry, accounting for 38% of the world’s miners.

“The New York bill, which previously passed the State Assembly in late April before heading to the State Senate, calls for a two-year moratorium on certain cryptocurrency mining operations which use proof-of-work authentication methods to validate blockchain transactions,” CNBC said.

More than that, it’s important to highlight the fact that proof-of-work mining, which requires sophisticated gear and a whole lot of electricity, is used to create bitcoin.

It’s also worth noting the fact that Ethereum is switching to a less energy-intensive process. On the other hand, it will still use this method for at least for another few months.

We suggest that you check out the complete original article in order to learn more details about all this.

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