New York banning Bitcoin mining has become a reality. As senators passed a bill (36-27) that says for the next two years, one can’t help but wonder…will the White House soon pass policy along the same “guidelines” and cite the climate as the cause? The state of New York will allow no new licenses for cryptocurrency and bitcoin mining where proof-of-work is used. Currently Bitcoin and Ethereum ( among many others ) fall into this category.
This is not the first time that New York has proved itself to be “streets behind” on being competitive in the Bitcoin space – but from the state that birthed “Wall Street” – what do you expect? New York COULD be a great place for mining considering it’s low electricity prices & cooler climate – but it seems the state is not interested in doing that.
They will absolutely regret this later on and I find it difficult to believe the people of New York, and all the Bitcoin users in New York actually support this. New York has been known for making it difficult via regulations and unnecessary laws for Bitcoiners and it seems that it may be the “canary in the coalmine’ to signal further action from Joe Biden on the matter.
The White House has released statements saying they are “looking into” the impact of the technology on greenhouse gas emissions. If this is a sneak peak into what the Biden administration has planned for the upcoming White House policy regarding Bitcoin & Ethereum mining, then there could be bad news ( in the short term ) on the horizon.
But if there is one thing that is CERTAIN about bitcoin – it is that Bitcoin plays by its own rules. To use a Star Wars quote here…Bitcoiners will be back – an in greater numbers.