New York's push to ban crypto mining

[Oshosondy]

Not long but some weeks ago, a bill was proposed to ban bitcoin miners that are not using green energy:

New York's push to ban crypto mining triggers response from community

The bill was voted for and signed by the house of assembly and them by the Senate and was passed to the governor to sign, it was signed by the governor and became a law.

The bill, sponsored by Anna Kelles, would not only impose a two-year hold on approval of any new Bitcoin mines, but the proposed moratorium would also prevent the renewal of permits issued to existing PoW cryptocurrency miners using carbon sourced energy if they seek to increase the amount of electricity consumed.

But now, New York is planning to finally ban bitcoin and other crypto mining that are using proof of work (PoW):

New York's push to ban crypto mining triggers response from community

On June 3, the bill to ban PoW mining was approved by the New York tate Senate. If approved by the governor, the bill will ban mining in the state and would hinder the renewal of previously-approved mining permits.

It is not now about global warming, it is now about energy consumption which will know will be always proposed by PoW critics.

[naira]

I think it's pretty simple when it comes to Bitcoin mining which is always banned because of the energy impact it generates. A simple example: the greenhouse effect of buildings in New York does not have a big impact on the environment? They banned it because they did not have access to control the mining process and the overall results. Due to the fact that when heavy mining is in the gold, coal, Nickel, Gas, and Oil mining sectors, it is easy to legalize. Surely you know the reason? well, they have a percentage of the tax that has been set for the elite of the council and for sure the governor in the region has had a separate share of the income earned.

[Nrcewker]

Are they banning only Bitcoin mining or whole Bitcoins?
As if only Bitcoin mining is banned, then it won’t be a big issue I guess.
They can secretly mine and can sell their Bitcoins in the exchanges. The exchanges many times doesn’t ask the source of Bitcoins right?
If they have banned the Bitcoins, then it might become a serious issue for the New York’s people.
Moreover I know the people there are really smart. If they ban Bitcoins , then people will use P2P deals to buy sell the Bitcoins.
This is the power of Bitcoins.

[NeuroticFish]

Are they banning only Bitcoin mining or whole Bitcoins?

It's only the mining.

As if only Bitcoin mining is banned, then it won’t be a big issue I guess.

It's bad because the underlying "reason" is the "Bitcoin uses dirty energy" (proven fake) narrative and, since politics defy logic, this sets up a dangerous precedent.

They can secretly mine and can sell their Bitcoins in the exchanges. The exchanges many times doesn’t ask the source of Bitcoins right?

I guess that the problem is not some small home miners, it's the mining businesses. And they cannot just hide, you know... and relocating is not cheap. But that's the best solution, I guess.

If they have banned the Bitcoins, then it might become a serious issue for the New York’s people.

It was only the mining (this time). And NY has a history of being overly harsh against Bitcoin. Pretty stupid move if you ask me, but they may think that with this crap they somehow protect Wall Street or ... I don't know what are they thinking...

[fuguebtc]

Once again, the problem of bitcoin mining, warming the earth and polluting the environment, is mentioned again. Nothing too new here and as before bitcoin will not have any loss with this announcement. There will always be bitcoin haters looking to get rid of bitcoin altogether, when someone bans bitcoin, it becomes an opportunity for others to own bitcoin. Bitcoin mining ban will be a disadvantage for people living in New York but I guess it will not affect bitcoin.

[NotATether]

It is not now about global warming, it is now about energy consumption which will know will be always proposed by PoW critics.

I don't think there's much wiggle room to oppose the bill if the energy consumption issue is too large over there.

I feel as though the only way to offset the continuous bouncing miners have to make as a result of being kicked out frequently is if new and better ASIC miners are invented.

Then, difficulty and BTC price will go up together, and the BTC user doesn't feel a monetary loss based on events like these.

It could be that one day that miners are concentrated in a handful of countries, with super fast futuristic miners (the *number* of mining entities themselves does not change much, of course).

[avikz]

Lol! I see a bigger conspiracy behind all these and most probably funded by some wall street bankers. Otherwise, I don't see a sensible reason for a complete ban on bitcoin mining.

If a mining company can source their energy from a completely green and renewable resource, then what's the point? This is non sense!

I believe, NY is not a good area to setup a mining facility considering the land and property price. It's better to move to states like Texas where the miners can get hectors of lands at the same price of a one bedroom apartment.

[CaVO32]

Lol! I see a bigger conspiracy behind all these and most probably funded by some wall street bankers. Otherwise, I don't see a sensible reason for a complete ban on bitcoin mining.

If a mining company can source their energy from a completely green and renewable resource, then what's the point? This is non sense!

I believe, NY is not a good area to setup a mining facility considering the land and property price. It's better to move to states like Texas where the miners can get hectors of lands at the same price of a one bedroom apartment.

These miners can always find a friendly state that will allow bitcoin mining. On another note, this will also push miners to utilize green energy as much as possible. In the long run, it is also a beneficial move for them. It may incur high expenditures at the beginning, but later on, it will be free or with minimal maintenance only. So if they have long-term plans in the crypto mining business, they can always invest with their green source of energy and reap the rewards later on.

[Oshosondy]

Are they banning only Bitcoin mining or whole Bitcoins?
As if only Bitcoin mining is banned, then it won’t be a big issue I guess.
They can secretly mine and can sell their Bitcoins in the exchanges. The exchanges many times doesn’t ask the source of Bitcoins right?

Bitcoin is not banned, only bitcoin mining will be banned, not also only bitcoin mining, any coin mining using PoW will be banned if the governor sign the bill.

Bitcoin mining ban will be a disadvantage for people living in New York but I guess it will not affect bitcoin.

It won't affect bitcoin at all but affect bitcoin miners in New York, I expect the miners to move to another state in US to mine.

[Fortify]

Not long but some weeks ago, a bill was proposed to ban bitcoin miners that are not using green energy:

New York's push to ban crypto mining triggers response from community

The bill was voted for and signed by the house of assembly and them by the Senate and was passed to the governor to sign, it was signed by the governor and became a law.

The bill, sponsored by Anna Kelles, would not only impose a two-year hold on approval of any new Bitcoin mines, but the proposed moratorium would also prevent the renewal of permits issued to existing PoW cryptocurrency miners using carbon sourced energy if they seek to increase the amount of electricity consumed.

But now, New York is planning to finally ban bitcoin and other crypto mining that are using proof of work (PoW):

New York's push to ban crypto mining triggers response from community

On June 3, the bill to ban PoW mining was approved by the New York tate Senate. If approved by the governor, the bill will ban mining in the state and would hinder the renewal of previously-approved mining permits.

It is not now about global warming, it is now about energy consumption which will know will be always proposed by PoW critics.

It seems that New York is sending somewhat conflicting messages, but I guess we should all be behind attempts to make mining more environmentally friendly. I just wonder if this is pushing the problem around and not really solving anything, if Bitcoin miners were to take large amounts of "green energy" while all remaining users need to be topped up with coal, oil or other dirty energy then you're just building an illusion. As always it is typical politician behavior as they try to grab friendly headlines without understanding the complexities surrounding wider energy usage. Out of all the places which could effectively produce renewable energy, New York has to be one of the most expensive so people will simply take all of their miners elsewhere instead of trying anything there.

[Zilon]

If it is just Bitcoin mining that is been banned then it means miners in New York will have to shift else where that is more favorable to continue their mining possibly using renewable energy sources for energy generation. Placing a ban on Bitcoin mining will not stop carbon emission. It is well understood that Bitcoin mining consumes enough electricity capable of powering countries due to it's high computational power but instead of a ban why not provide a better alternative for their power consumption

[jackg]

I'm wondering if they mention green electricity in the bill specifically. A lot of domestic power firms in the UK offer you green tarrifs on a £5/month additional cost, if the same thing happens over in the US then that might be a way to get around this. If that's an option, the bill probably won't do much.

[romero121]

Mining getting banned will make the miners look for an alternate space. Among the cities of USA, New York stands 6th in terms of electricity consumption. Maybe thats the reason for the ban of cryptocurrency mining. Now what will be the situation of registered miners who have been doing it in large scale. Nowadays most of the countries want to regulate, but New York making such an immediate action looks like something hidden back in the plan.

[coolcoinz]

Isn't the price of electricity high in the NY area? For instance in 2020 1kWh costed almost 15c in NY, while only 8c in Idaho, 7.6 in Oklahoma and 7.5 in Louisiana. There are plenty of cheaper places to mine so how much of an impact on the NY energy grid is that going to be? If anyone decided to mine at 2x the rate in other states, it had to be a small operation, especially that NY had strict laws regarding bitcoin businesses for years. When they passed that famous bitcoin bill many companies moved out of the state. It seems they've been working against bitcoin for a long time and "green energy" is just a cover up.

[Kelvinid]

Well, if only the purpose of this bill is to promote green electricity, then likely it gain some support. But if the purpose of totally banning Bitcoin is for the sake of their personal interest and to stop crypto in their country, they are taking some opportunities from these people (miners).

Anyway, it was just a proposal - it will take more time to get approval from the higher level. Well, so many times to hear this kind of attempt but they fail to stop it. I believe there is another option about this rather than banning crypto mining.

[Quidat]

Well, if only the purpose of this bill is to promote green electricity, then likely it gain some support. But if the purpose of totally banning Bitcoin is for the sake of their personal interest and to stop crypto in their country, they are taking some opportunities from these people (miners).

Anyway, it was just a proposal - it will take more time to get approval from the higher level. Well, so many times to hear this kind of attempt but they fail to stop it. I believe there is another option about this rather than banning crypto mining.

For a country like this then i dont see that there would be much objections in regarding on banning crypto mining.If majority of them would be agreeing on such bill then it would be take effectively in a short span of time.
Honestly these are just purely excuses on having that green electricity or something that connects out green or something without even tending to solve out other existing problems that had been existing for millenias.
This do really shows out obviously that they arent tending to accept it anytime soon no matter what.

[Ahli38]

However members of the crypto community expressed their disapproval via social media.
Even via his Twitter thread, Jake Chervinsky, head of policy at the Blockchain Association, explained that the move would not “reduce carbon emissions at all.” According to Chervinsky, the mining ban would only push miners away from New York to build in other areas where the country is. have no effect on them.

Even US senator candidate Bruce Fenton also opposed the move. He said in a tweet that the government does not have the right to determine the specific software that people run. He noted that “code is speech,” implying that the ban is a move against free speech.
Ethereum founder Vitalik Buterin also agrees with Fenton.
As he said in his twitter which you can see below.

and many more opposed NY move about the steps being taken. Sourch

[Fundamentals Of]

Of course this has never been about global warming. This has always been against Bitcoin itself. And the ultimate motive has probably always been to try stopping Bitcoin altogether.

It is becoming more obvious now. Apparently, it is not enough to ban miners using nonrenewable energy because many of them might still continue their operation after shifting to the use of green energy. This is obviously isn't good for them who are pursuing no less than the death of Bitcoin. And so they have to push even further to the ban on PoW.

[yazher]

Just like that, after a warm welcome, they are now giving the miners some headache about this kind of regulation and some miners out there cannot overhaul their system right now because of the current price of bitcoins in the market. Looks like these critics always looking for the flaw to remove all the miners in their place and they are not joking about it since they have some power to propose regulations regarding their claim.

[yhiaali3]

This is the argument they always use to counter things they don't like, or maybe it's because they can't fill their mining tax pockets well, I don't know how much energy is used for bitcoin mining in New York? But I am sure that it is a very small percentage that does not compare to the heat emissions caused by cars or factories located in New York, in any case, I do not think that this decision will have any negative impact on Bitcoin mining.