POW mining in New York will be limited for 2 years

The authorities of New York voted for a 2-year limitation of Bitcoin mining using the POW algorithm. We are talking about a ban on issuing new permits for mining and expanding the capacities of enterprises already operating in New York.

Representatives of the Legislative Assembly of this state decided to limit the harm caused by mining to the environment. The government expects that the ban on new mining farms will reduce the level of carbon emissions in the state.

95 lawmakers voted “for” this bill, “against” - 52. According to the signed act, the New York Department of Environmental Protection will have to prepare a report on the state of the state’s ecology and the impact of cryptocurrency mining on it.

About a year will be allotted for the preparation of this document. The authorities will evaluate the finished report and after the 2-year limitation period has expired, they will make the final decision whether to ban mining or not.

Representatives of the Legislative Assembly emphasized that this is not a complete ban on mining, but only restrictions on the production of cryptocurrencies using electricity from carbon power plants. There are about 49 of these in the state. However, many experts believe that this will harm the development of digital technologies in the state.

 

 

The fact is that on the territory of New York there is a fifth of all the mining capacities of the United States. And the total capacity of American enterprises is 35.4% of the global hashrate. Therefore, the restriction will also negatively affect the dominance of the United States in this area.

Especially if a complete ban on bitcoin mining is introduced. After all, judging by this graph, most of the mining in New York occurs with the help of energy produced from natural gas, nuclear energy and hydroelectric power.

 

 

And if mining is banned in the state, it will increase the carbon intensity of bitcoin mining in general. This, in particular, was recently said by Nick Carter, co-founder of Castle Island Ventures.

We will follow the development of the situation. Read our news and subscribe to social networks. You can also start mining cryptocurrency using Hive OS service.

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