HERE’S WHY BITCOIN MINING MIGHT BE BANNED IN THE US
New York might now become the first state in the U.S. to ban cryptocurrency mining due to concerns about its influence on the environment. However, some people think that the carbon footprint of Bitcoin (BTC) mining has been overestimated by environmental groups.
New York State Senate approves bill with a two-year ban on some cryptocurrency mining operations, according to CNBC’s MacKenzie Sigalos.
It would prevent crypto mining companies from renewing existing mining gear and adding new rigs unless they use 100% renewable energy. It would also ban the launch of new crypto mining farms for two years.
A bill proposed by lawmakers would require New York to cut greenhouse gas emissions by 85% by 2050, in line with the Climate Leadership and Community Protection Act.
CNBC reports that Bitcoin (BTC) mining may be banned in the U.S., a move that heavyweight cryptocurrency entrepreneurs and some experts criticize. For example, founder of the Chamber of Digital Commerce, Perianne Boring, says that would be dangerous for the economy of the U.S. as a whole.
This is a significant setback for the state and will stifle its future as a leader in technology and global financial services. In addition, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State.
As reported previously, the U.S. has been the top destination of mining companies’ migration amid China’s crackdown on cryptocurrencies.
Amando Fabiano, Chief Market Strategist at Galaxy Digital, told CNBC that New York’s proposed anti-Bitcoin legislation could lay a “bad precedent” for other states and territories.
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