JUST IN: The New York Senate just passed the so-called bitcoin mining 'ban' bill, which will block new proof-of-work mining operations powered by carbon-based energy sources for two years. cheyenneligon nikhileshde report
that he was worried the bill could lead to “deleterious economic consequences for New York if people perceive it as being hostile to crypto.”
However, an eleventh hour referral of the bill from the Environmental Conservation Committee to the Senate Energy and Telecommunications Committee on Thursday evening meant that the bill was able to reach the full Senate floor for a vote mere hours before the close of the legislative session at midnight.What a Mining Moratorium Could Really Mean for New York’s Crypto Industry
New York has long been seen as a place for crypto mining firms to set up due to cheap hydroelectric energy sources. In more recent years, mining firms have also repurposed defunct coal power generation facilities. Greenidge Generation, for example, huhrefurbished one such facility to operate using natural gas.was introduced last May, with many industry advocates calling the proposal a “ban” on mining outright.
John Olsen, a lobbyist with the Bitcoin Association, told CoinDesk last month that he feared the moratorium could be extended or turned into a ban over the course of the next two years, which could drive away companies seeking to set up shop near New York’s cheap energy sources.to leave the state if the moratorium is passed, pointing to the comparative ease of doing business in more mining-friendly states like Texas.
Clark Vaccaro, the acting president and chief strategy officer at industry trade organization BaSIC, told CoinDesk the passage of the bill"is a grim day for blockchain technology, effectively shutting the door on a nascent industry."that would create a"cryptocurrency and blockchain study task force" early Friday.
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