Two Bitcoin miners have told Cointelegraph that if the bill banning proof-of-work (PoW) mining for two years in New York becomes law, it would end up triggering an exodus of mining companies from the state and do little to address the intended goals of the moratorium.
GEM Mining CEO John Warren told Cointelegraph on Wednesday that he and other miners now view New York as an unfriendly place where they likely would not want to open up shop:
“Miners won’t consider going there after the ban became part of the discussion.”
Environmental sustainability has been at the heart of the New York state government’s argument against proof-of-work mining. The controversial mining ban bill would prohibit any new mining operations in the state for the next two years. It would also refuse the renewal of licenses to those who are already operating in the state unless it uses 100% renewable energy.
GEM Mining recently commented that the bill will not only miss its intended target but also discourage new, renewable-based miners from doing business in the state. Warren told Cointelegraph that his operation is already 97% carbon neutral.
“The regulatory environment in New York will not only halt their target…but will also likely discourage new, renewable-based miners from doing business with the state…”
The mining moratorium recently passed in NY. We shared our thoughts with @CNBChttps://t.co/2Trotc5bT3
— GEM Mining (@GEM_Mining) June 8, 2022
GEM Mining is a South Carolina-based Bitcoin (BTC) mining operation that contributes 1.92 Exahash per second (EH/s) of hashing power to the Bitcoin network as of May.
Similarly, the CEO of Switzerlan-based White Rock Management digital asset miner Andy Long also feels that Bitcoin mining is “moving in the right direction toward fossil-free energy use,” as he stated in emailed comments to Cointelegraph.
The company boasts 100% dependence on hydroelectric power for its 712 Petahash per second (PH/s) hashing power contribution.
Long echoed the idea that the PoW mining freeze “would not have the intended effect and sends the wrong message:”
“We want to see more states and local governments encourage investment rather than stifle growth with prescriptive regulations that would likely be the thin end of the wedge.”
Roughly 10% of the United State’s hashing power comes from New York, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI). This makes it the fourth-biggest producer in the country….
Click Here to Read the Full Original Article at Cointelegraph.com News…
