New York’s Proposed Bitcoin Mining Ban Is A Bad Idea…


Of course it’s a bad idea…but don’t think with NY’s recent track record they’ll make the best decision as idiocy and bad policy reigns in NY state…

New York: Proposed Bitcoin Mining Ban Is a Bad Idea

“By the time you read this, New York Governor Kathy Hochul may have already signed a bill that bans new bitcoin mining permits in the state for two years. As I write this, the controversial bill, which narrowly passed in the statehouse, is in limbo awaiting Hochul’s signature. A handful of upstate politicians threatened to oppose Hochul’s election bid if she doesn’t sign the bill. Meanwhile, New York City Mayor Eric Adams, who’s famously bullish on crypto, urged the governor to veto the bill. Mayor Adams is right. The bitcoin mining moratorium is a bad idea, and Governor Hochul shouldn’t sign it. The bill’s ostensible goals, to reduce energy consumption and greenhouse gas emissions, are critically important. But the proposed legislation would completely fail to advance those objectives. The mining moratorium would also have a negative impact on the Empire State’s jobs and damage the state’s reputation for innovation and fintech leadership.”

Master Asked on July 7, 2022 in Bitcoin.
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