New York May Ban PoW Cryptocurrency Mining: Latest News From the Market


Posted June 16, 2022 by atozcrypto

New York is at the threshold of passing a bill banning POW miners that can significantly change the scope of cryptocurrency mining. We need to see how things go, and we will keep a close eye on it.
 
16th June, UK: If you want to get all updates about the Digital currency industry latest news in UK, then AtoZCrypto.org. We will start our discussion on the PoW mining ban in New York that has gained much attention from the crypto community. It will not be an exaggeration to say that the community is triggered by this news. The state of New York is pushing this ban to eliminate carbon emissions, however, crypto investors are not agreeing with the concept. One such investor thinks that people will move towards other states, where these regulations are absent. This will increase the carbon emission rate to quite some extent because no government entity will be there to regulate them.

He wishes that the Governor, Kathy Hochul will veto the bill because he thinks this rule will showcase an antagonistic message across these people. And this will be a foolish move from the officials of the world’s financial capital. A senatorial candidate Bruce Fenton also thinks the same thing. He thinks that the government cannot ban people from using any particular software until there is any specific proof of malicious intent in these software applications. He equates the code to freedom of speech and thinks this is contradictory to freedom of speech. Ethereum founder Vitalik Buterin also agrees with this notion. However, he thinks that there is a way of reducing carbon print, namely by implementing carbon pricing. The earnings can be used to aid cryptocurrency miners who are short in cash, thus encouraging them to invest in better and cleaner endeavors.

Amidst all the speculation, the New York Attorney General Letitia James has encouraged people to exercise caution while investing in cryptocurrencies and to completely abstain from that. The AG lists that these cryptocurrencies can suddenly crash (even the prominent ones), leading to significant losses. Apart from that, she also mentioned some of the common factors that might cause more anxiety than gains. It should be noted that Bitcoin mining has seen somewhat a downward trend, which is an area of concern.
People think that if the bill is implemented, the state will get isolated, as cryptocurrency investors will not choose to go there. Experts believe that there is a different way of approaching this problem, especially in the face of stiff competition from states like Georgia and Kentucky. The Mayor is also against this bill. It will be interesting to see how the officials will approach this problem. We will be covering the incident on AtoZCrypto.org, so keep checking.
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Last Updated June 16, 2022