New York State has gathered to vote on the matter of the cryptocurrency industry’s future in the country. Some cryptocurrency experts believe that it could be the beginning of the end for digital currency mining in the state of New York. This will not be the first time that the cryptocurrency space is under attack in the region.
The politicians and legislators in New York have raised concerns about massive energy supplies for the Bitcoin mining farms. Members of the NY State Assembly have taken their turns to rain down on the PoW mining method. The crypto bill under question can potentially bar any Bitcoin miners from keeping their operations live in the state.
Mining Ban will Hinder Crypto Growth
The crypto bill dealing with the matter of banning mining firms in NY State aims to add an amendment to the environmental conservation laws. The bill claims that cryptocurrency investors will ensure that Blockchain technology is an innovative tool for data transfer and sharing of information in real-time.
However, the bill proceeds to raise environmental concerns surrounding the PoW currencies like Bitcoin and Ethereum can have dire consequences. The bill also reminds the stakeholders to ensure the safety of the New York citizen by honoring their past environment-related concerns without compromising their commitment to the transparent promotion of viable technologies and innovations.
The cryptocurrency experts and proponents are concerned that the trend of banning cryptocurrency mining ban can catch fire sooner than expected. The Bitcoin Advocacy Project is currently running an online campaign that is asking people to contact their local representatives in New York and tell them why they have reservations about the bill and crypto mining banning.
Some of the Yankee Bitcoiners suggest that New York State can potentially wash its hands from millions of dollars worth of revenue by banning the mining companies. The proponents of the top coin also claim that New York State can unwittingly set off a chain of similar embargos in other major states. According to the Bitcoin proponents, the government should shift its focus on improving the energy and environmental concerns rather than imposing a ban on the nascent industry.