There have been speculations from many crypto Miners that the law New York City has placed on the mining of crypto will not hold grounds for a long cause. Such would only lead to the state being evacuated to other cities where the governments have little to no strict laws that enable crypto mining.
The few bitcoin miners interviewed (names withheld) have stated their opinion that if the state of New York successfully passes the bill which will see the proof-of-work (PoW) mining stopped and prohibited, this will result in a large number of mining companies migrating to other states. ” People will go where they feel less threatened to carry out their business operations and activities.”
The Government of New York has explained the reason for taking this move is based on the energy consumption this mining activity consumes and the environment’s safety. The law shall see crypto mining in the state for the next two years as an illegal and chargeable offense. Mining companies have been informed that existing businesses and startups in the state would not be given a renewal or a new license to carry out operations until they are certified to their operations on a 100 percent renewable energy source.
A few crypto mining companies had something to say about this law. Crypto Mining companies like GEM Mining company, which is sited in South Carolina and claims nearly 100 percent use of carbon-neutral energy to mine coins. Opined that not only will this law discourage new and uprising firms looking at using renewable energy to run their activities in New York City, but it would as well not achieve its targeted goal.
