New York Will Not Ban BTC Mining

Strong opposition from the crypto community has succeeded. New York’s Environmental Protection Commission is not going to consider a bill that could lead to a ban on BTC mining.

All indications are that miners don’t have to worry about a quick two-year halt for companies that focus on proof-of-work (PoW) cryptocurrencies. However, it is important to note that the bill not being considered by the committee does not necessarily mean that the Senate will not pass it.

At the beginning of May, we described a moratorium on mining in New York State, which would primarily affect miners using fossil fuel power plants.

The bill, designated S6486D, is about establishing a moratorium on cryptocurrency mining operations that use proof of work (PoW) to validate blockchain transactions. It also provides that such operations will be subject to a full general environmental impact assessment.

Establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that such operations shall be subject to a full generic environmental impact statement review.

Plans for such a provision were quickly responded to by the crypto community, which opposed the project on the grounds that it could, over time, lead to a complete ban on all cryptocurrency mining throughout New York.

Among those who openly opposed the new plans was MicroStrategy CEO Michael Saylor. He described the draft regulation as harmful to New York’s environment, reputation and economy. This approach shows that the law can be maliciously manipulated to harm competition.

Saylor also urged internet users to take their concerns to the New York State Senate.

The proposed regulation of Bitcoin energy use in New York is damaging to the environment, reputation & economy of NY and demonstrates that the law can be manipulated maliciously to harm a competitor. If this disturbs you, please let the NY Senate know.

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