Yugocean
Valued Contributor
New York's state government is considering a ban on proof-of-work cryptocurrency mining, claiming that it wastes energy and pollutes the environment, but miners seem unconcerned.
The majority of bitcoin mining operations now use 100 percent renewable energy, which benefits the power sector. As a result, miners believe that if the New York government prohibits them from operating, other states may welcome them to upgrade their energy infrastructures.
Kentucky State could be a viable alternative. Kentucky Governor Andy Beshear mining friendly and has given his nod in March 2021, despite the fact that Kentucky now generates only 6.6 percent of its electricity from renewable sources, it surpassed New York for third place in hash power.
If bitcoin miners could relocate from New York to Kentucky, it will only harm New York's bitcoin and renewable energy industry.
Currently, in New York, this bill prohibits mining for just two years, after which the New York legislature will decide on a new policy based on the repercussions of the ban.
The majority of bitcoin mining operations now use 100 percent renewable energy, which benefits the power sector. As a result, miners believe that if the New York government prohibits them from operating, other states may welcome them to upgrade their energy infrastructures.
Kentucky State could be a viable alternative. Kentucky Governor Andy Beshear mining friendly and has given his nod in March 2021, despite the fact that Kentucky now generates only 6.6 percent of its electricity from renewable sources, it surpassed New York for third place in hash power.
If bitcoin miners could relocate from New York to Kentucky, it will only harm New York's bitcoin and renewable energy industry.
Currently, in New York, this bill prohibits mining for just two years, after which the New York legislature will decide on a new policy based on the repercussions of the ban.
