Good News Entrepreneurs: Plattsburgh Finally Lifts its Ban on Crypto Mining

[Baofeng]

Last year, Plattsburgh has become the first city in the US to ban cryptocurrency mining,

Plattsburgh, New York, has become the first city in the US to ban cryptocurrency mining in the city for the next 18 months. The city council unanimously voted to impose the ban at a council meeting last night, and the mayor’s office states that the purpose of the law is to consider “regulations before commercial cryptocurrency mining operations results in irreversible change to the character and direction of the city.”

https://www.theverge.com/2018/3/16/17128678/plattsburgh-new-york-ban-cryptocurrency-mining

However, the city council voted 5-1, lifting the ban.

Plattsburgh, NY, the first city in the US to ban cryptocurrency mining, has finally lifted its one-year-long block on crypto mining operations.

https://www.btcwires.com/c-buzz/good-news-entrepreneurs-plattsburgh-finally-lifts-its-ban-on-crypto-mining/

So let's see if this will bring a influx on miners on that city, do you think miners will take advantage of this situation and go full mining on that city again?

[valta4065]

USA is a strange country. Not only each state can have its own laws, even a city can ban things that are legal in all other cities.
Finally they realized how stupit that ban was. I don't think many people will start mining now just because of this ban lift. It's barely profitable at the moment so I wouldn't start now, except if I had cheap electricity - for example from my own solar panels.

[kaya11]

So let's see if this will bring a influx on miners on that city, do you think miners will take advantage of this situation and go full mining on that city again?

"Influx"... Might happen if the electricity on Pittsburgh is worth using for mining purposes... But not in an "Influx"  way. Little by little maybe. It's also a positive or good news. Big impact, as New York is model of tough crypto regulation as they say. More or less let's see what comes next.

[hugeblack]

do you think miners will take advantage of this situation and go full mining on that city again?

Un-ban mining does not mean that mining will be allowed and Miners from all over the world will come for mining in that city.
It means that mining is allowed in that city, but unless there are more advantages, the news will not make any difference.
In general, the news is good but we will not see any effect.
Will the old miners return? No, I do not think so, especially with low mining profits.

[Jating]

As far as I know, it's no longer profitable to mine bitcoin at this point, I mean the return of profit (ROI) is not that good when the price of bitcoin is $6000-$6500 so I'm sure miner will take this in consideration whether to continue or not in that area.

Overall, this is a welcoming news but its going to be difficult to assess the impact on the price, if ever there is one. So probably just a couple of 'resident miners', but if there's a huge influx? I doubt it will happen.

[mk4]

As far as I know, it's no longer profitable to mine bitcoin at this point, I mean the return of profit (ROI) is not that good when the price of bitcoin is $6000-$6500 so I'm sure miner will take this in consideration whether to continue or not in that area.

The potential profit is definitely a lot lower, but bitcoin mining is definitely still profitable for some. If it wasn't profitable for every single one, then no one would be mining. Probably 99% or a huge percentage of miners are mining solely due to monetary purposes. I'm pretty sure only a very small number of people would be willing to mine bitcoin at a loss just to help the network.

[Mometaskers]

I'm not expecting there to be a sudden influx of miners though. It's New York State after all. I don't live in the US but as far as I know it's a close second to Hawaii in electricity cost. Anyone trying to building a mine would probably go to other states with cheaper electricity, like Idaho.

[tippytoes]

I'm not expecting there to be a sudden influx of miners though. It's New York State after all. I don't live in the US but as far as I know it's a close second to Hawaii in electricity cost. Anyone trying to building a mine would probably go to other states with cheaper electricity, like Idaho.

I would say that also. Mining is not profitable especially if your energy consumption would turn out to be pretty expensive. But on a positive note, at least miners will not be worried once good mining opportunity comes. They can start mining again without worrying that they violating the laws.

[finaleshot2016]

USA is a strange country. Not only each state can have its own laws, even a city can ban things that are legal in all other cities.
Finally they realized how stupit that ban was. I don't think many people will start mining now just because of this ban lift. It's barely profitable at the moment so I wouldn't start now, except if I had cheap electricity - for example from my own solar panels.

'cause they know that cryptocurrency might destroy their country someday. As the cryptocurrency's development growth increases, the growth affects the their national economy so they implemented IRS to identify the information/transaction in crypto. They also want the financial instruments like mining devices to be a regulatory device/apparatus. Their country don't want anonymity, and it causes problem to their goverment.

[figmentofmyass]

Last year, Plattsburgh has become the first city in the US to ban cryptocurrency mining

it was never a ban, just a temporary moratorium. like other cities and utility districts, they had to figure out a plan before getting overrun with mining demand that might create infrastructural or nuisance concerns etc:

The council said they needed to set regulations to protect the health, safety and welfare of Plattsburgh residents from the mines.

After setting new zoning regulations, fire safety requirements, heat controls, noise limits and protections against negligence, the Common Council voted Thursday to lift the moratorium on a count of 5-1.

https://www.wcax.com/content/news/Plattsburgh-lifts-ban-on-bitcoin-mining-506521531.html

i wonder how expensive it'll be to comply with the new regulations. that'll affect whether we see an influx of miners there or not.

[meanwords]

This is certainly good news. There are chances that people in that place would consider mining. Although it's not that profitable today compared to the years that had come, once the price has increased again, I'm sure miners would increase to compete too.

[pooya87]

~
So let's see if this will bring a influx on miners on that city, do you think miners will take advantage of this situation and go full mining on that city again?

both these articles seem more like nonsense to me, as i said back in the time of the first one the cost of mining in that city is still high enough to not-incentivize people to want to go near mining. and if someone wanted to do it, they would have done it. it is not like you could find out if some citizen is hobby-mining at home with his GPU or one ASIC.

[figmentofmyass]

~
So let's see if this will bring a influx on miners on that city, do you think miners will take advantage of this situation and go full mining on that city again?

both these articles seem more like nonsense to me, as i said back in the time of the first one the cost of mining in that city is still high enough to not-incentivize people to want to go near mining.

maybe you're looking at new york state averages? plattsburgh has some of the cheapest electricity rates in the united states. it's right near a major hydropower dam. the average rate is 4.36¢/kWh and it's probably even cheaper for businesses.

[Xalata]

That's great. I think finally most countries are coming to the realization and seeing the immense contribution of cryptocurrencies to their financial industries. Cryptocurrencies make transactions very fast and also safe.

[bitfocus]

that's a great news for this morning! it was a long year of ban for BTC lovers of Plattsburgh!

[prasad87]

Isn't electricity expensive there? I don't see a reason why anyone would want to take advantage anyway. In my experience even mining with free electricity doesn't beat the ROI of simply buying crypto.

[MakeMoneyBtc]

USA in general is not the best country to start a crypto mining business so I don't think this news will affect the crypto market very much,especially because we are talking about only one country here and its not one of the biggest existing in USA. There are probably going to be a few miners who will start mining again there but their work would be unnoticeable on the crypto market.

[kryptqnick]

Last year, Plattsburgh has become the first city in the US to ban cryptocurrency mining,

Plattsburgh, New York, has become the first city in the US to ban cryptocurrency mining in the city for the next 18 months. The city council unanimously voted to impose the ban at a council meeting last night, and the mayor’s office states that the purpose of the law is to consider “regulations before commercial cryptocurrency mining operations results in irreversible change to the character and direction of the city.”

https://www.theverge.com/2018/3/16/17128678/plattsburgh-new-york-ban-cryptocurrency-mining

However, the city council voted 5-1, lifting the ban.

Plattsburgh, NY, the first city in the US to ban cryptocurrency mining, has finally lifted its one-year-long block on crypto mining operations.

https://www.btcwires.com/c-buzz/good-news-entrepreneurs-plattsburgh-finally-lifts-its-ban-on-crypto-mining/

So let's see if this will bring a influx on miners on that city, do you think miners will take advantage of this situation and go full mining on that city again?

It's all sweet and everything but:
1. Isn't US generally a not very suitable country for mining because of the rent costs and electricity costs?
2. People could still mine all over the US apart from this town, no? So why would they move from a more stable normal US where mining is okay into a place that only recently lifted the ban (and, who knows, might impose it again).
3. Plattsburgh is a town with population being a bit less that 20k people! It's a teeny-tiny town in contemporary world, so chances are they don't even have people who are interested in mining.
But hey, it's a small victory but still a victory for crypto enthusiasts, so thanks for sharing.

[teejayrichard2]

Well it is a good thing Plattsburgh finally realized putting a ban on crypto mining in the city is not a good idea and has done the right thing lifting the ban they placed initially. I believe other places where bitcoin faces one or two bans will get to see bitcoin is the future and lift all bans. Lets watch events unfold as more bans are being lifted.

[peter0425]

Well it is a good thing Plattsburgh finally realized putting a ban on crypto mining in the city is not a good idea and has done the right thing lifting the ban they placed initially. I believe other places where bitcoin faces one or two bans will get to see bitcoin is the future and lift all bans. Lets watch events unfold as more bans are being lifted.

It's not that. Plattsburgh needs a stop because miners are taking too much of their electricity allocated for the city. That's why they need to put a stop for one year and probably make some concessions. So when everything is set, they allowed mining again.

USA in general is not the best country to start a crypto mining business so I don't think this news will affect the crypto market very much,especially because we are talking about only one country here and its not one of the biggest existing in USA. There are probably going to be a few miners who will start mining again there but their work would be unnoticeable on the crypto market.

But everyone wanted to mine including some folks in the USA. Every miner is important, so definitely there can be an effect in the market in the long run.