New York Bitcoin Mining Ban Won’t Work


A bill currently in committee at the New York State Senate is calling for a ban on bitcoin mining for three years while an environmental assessment is conducted to measure greenhouse gas emissions and effects on wildlife of all mining operations in the state.

New York Senate Bill S-6486, introduced by democratic State Senator Kevin Parker and co-sponsored by democratic State Senator Rachel May, is currently under review by the senate’s Environmental Conservation Committee.

One report about the bill called bitcoin miners “bitcoin-hungry profiteers” and noted that “Upstate New York has recently become a hotbed of mining activity, and there could be more mines in the works.”

Foundry Digital, a subsidiary of DCG, has mining operations near Rochester, New York and helps finance other New York-based mining ventures.

“Decentralized infrastructure is the way of the future; bitcoin and bitcoin mining are not going away,” Foundry CEO Mike Colyer recently told Bitcoin Magazine. “The communities, countries and states that understand and grasp the advantages of this infrastructure first will have a long-term competitive advantage. States such as Texas and Kentucky are encouraging the growth of this industry. Given that bitcoin mining is very mobile, miners will move to where there are.”

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