New York BTC Miners Give Up On State Amid Uncertainty

New York BTC miners give up on the state amid the regulatory uncertainty despite being a hub for miners once. However, the environmental concerns are weighing on the mining industry so let’s read more today in our latest Bitcoin news.

The New York BTC miners are considering abandoning their aspirations despite once being the promised land as the state’s legislature considers adding a bill for a ban on new mining projects which use carbon-based energy sources that pend a review of the industry’s impact. The New York State Senate is looking at a new bill calling for a two-year moratorium on the new mining projects which use gas, coal, or other nonrenewable energy sources after the Assembly version of the bill that passed the state’s lower house a week ago.  Kyle Schneps the director of public policy at Foundry which is the biggest miners in the US added:

“All cryptocurrency companies have a permanent hold on starting businesses in New York due to the political and regulatory ambiguity. If the bill were to pass, New York would become a permanent afterthought for the industry.”

Foundry’s expansion in the state will be curtailed wrong with hiring and the bill that passed to the state Senate back in April calls for a moratorium on PoW mining by other nonrenewable sources as the type used in the BTC network in the state while the impact is assessed. Most mining companies are staying away from the state because of authorities’ negative stances toward the industry as the CEO of Compass mining Whit Gibbs as a hashrate market that matches miners with investors across the world.

The co-founder of Kazakhstan-based miner Xive.io wants to expand the operations into the US, saying that he is leaning towards Texas because of regulation and the availability of cheaper electricity. The regulatory uncertainty including the bill Is one of the factors that drive potential mining companies away from the state as one executive from a mining hosting company noted. The increase in energy prices is another reason for the global macro events like the conflict in Ukraine as well as the growing cost of complying with renewable energy mandates in New York with the executive asking not to be identified due to fear of redistribution from environmental advocates and other officials.

The bill sends a new message to the industry that New York is closed for business and it could send a dangerous precedent as Schneps said.
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