{"id":460434,"date":"2022-06-10T05:46:01","date_gmt":"2022-06-10T02:46:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-miners-say-ny-ban-will-be-ineffective-and-isolate-the-state\/"},"modified":"2022-06-10T05:46:01","modified_gmt":"2022-06-10T02:46:01","slug":"bitcoin-miners-say-ny-ban-will-be-ineffective-and-isolate-the-state","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-say-ny-ban-will-be-ineffective-and-isolate-the-state\/","title":{"rendered":"# Bitcoin miners say NY ban will be ineffective and &#8216;isolate&#8217; the state"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3364fa848a1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3364fa848a1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-say-ny-ban-will-be-ineffective-and-isolate-the-state\/#%E2%80%9D_Bitcoin_miners_say_NY_ban_will_be_ineffective_and_%E2%80%98isolate_the_state_%E2%80%9C\" >&#8221; Bitcoin miners say NY ban will be ineffective and &#8216;isolate&#8217; the state &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-say-ny-ban-will-be-ineffective-and-isolate-the-state\/#How_New_York_goes_California_goes\" >How New York goes, California goes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-say-ny-ban-will-be-ineffective-and-isolate-the-state\/#Squaring_up_to_the_competition\" >Squaring up to the competition<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_miners_say_NY_ban_will_be_ineffective_and_%E2%80%98isolate_the_state_%E2%80%9C\"><\/span>&#8221; Bitcoin miners say NY ban will be ineffective and &#8216;isolate&#8217; the state &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2ExYTlmMzgtZGFiYy00NmI2LTlhYTQtNzEwNjg1ODg3OTQzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Two Bitcoin miners have told Cointelegraph that if the bill banning Proof-of-Work 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.<\/p>\n<p>GEM Mining CEO John Warren told Cointelegraph on June 8 that\u00a0he and other miners now view New York as an unfriendly place where they likely would not want to open up shop. <\/p>\n<blockquote><p>\u201cMiners won\u2019t consider going there after the ban became part of the discussion.\u201d<\/p><\/blockquote>\n<p>Environmental sustainability has been at the heart of the New York state government\u2019s argument against Proof-of-Work (PoW) 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.\u00a0<\/p>\n<p>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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u201cThe regulatory environment in New York will not only halt their target&#8230;but will also likely discourage new, renewable-based miners from doing business with the state&#8230;\u201d<\/p>\n<p>The mining moratorium recently passed in NY. We shared our thoughts with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CNBC?ref_src=twsrc%5Etfw\">@CNBC<\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2Trotc5bT3\" data-amp=\"https:\/\/www-cnbc-com.cdn.ampproject.org\/c\/s\/www.cnbc.com\/amp\/2022\/06\/03\/heres-whats-in-new-yorks-new-bitcoin-mining-ban-.html\">https:\/\/t.co\/2Trotc5bT3<\/a><\/p>\n<p>\u2014 GEM Mining (@GEM_Mining) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GEM_Mining\/status\/1534624538251624451?ref_src=twsrc%5Etfw\">June 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>GEM Mining is a South Carolina-based Bitcoin (BTC) mining operation that contributes 1.92 Exahash per second (EH\/s) of hash power to the Bitcoin network as of May.\u00a0<\/p>\n<p>Similarly, the CEO of Sweden-based White Rock Management digital asset miner Andy Long also feels that Bitcoin mining is \u201cmoving in the right direction toward fossil-free energy use,\u201d as he stated in emailed comments to Cointelegraph. <\/p>\n<p>The company boasts 100% dependence on hydroelectric power for its 712 Petahash per second (PH\/s) hash power contribution.<\/p>\n<p>Long echoed the idea that the PoW mining freeze \u201cwould not have the intended effect and sends the wrong message.\u201d <\/p>\n<blockquote><p>\u201cWe want to see more states and local governments encourage investment rather than stifle growth with pre<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a>ive regulations that would likely be the thin end of the wedge.\u201d<\/p><\/blockquote>\n<p>Roughly 10% of the US&#8217;s hashing power comes from New York according to the Cambridge Bitcoin Electricity Consumption Index (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ccaf.io\/cbeci\/mining_map\">CBECI<\/a>). This makes it the fourth-biggest producer in the country. As of April, miners indicated in a survey with the Bitcoin Mining Council that about 58% of the energy used for mining is from sustainable sources.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_New_York_goes_California_goes\"><\/span>How New York goes, California goes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The bill, should it come into effect, could see an outflow of mining firms from New York into other states just as miners exited China in a rush following its mining ban last year. <\/p>\n<p>However, GEM Mining\u2019s Warren believes the contributions from other states will continue to grow whether the moratorium comes into effect or not, adding that it would probably not cause a domino effect of other bans, except that \u201chow New York goes, Cali goes.\u201d <\/p>\n<p>He added that even if Governor Hochul signs the moratorium into law, \u201cNew York\u2019s hashpower would drop anyway as Kentucky, North Carolina, Texas, and other states add new incentives for miners.\u201d<\/p>\n<blockquote><p>\u201cWhat you\u2019re seeing throughout the country is a bipartisan support of mining and the jobs that they provide. They add stability to the power grid as well.\u201d<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"Squaring_up_to_the_competition\"><\/span>Squaring up to the competition<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>New York is already losing its competition with states such as Kentucky and Georgia for miners. Georgia is the USA\u2019s top state for hash power. Fortune <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fortune.com\/2022\/02\/07\/georgia-hot-spot-bitcoin-mining-us-crypto-energy\/\" data-amp=\"https:\/\/fortune-com.cdn.ampproject.org\/c\/s\/fortune.com\/2022\/02\/07\/georgia-hot-spot-bitcoin-mining-us-crypto-energy\/amp\/\">reported<\/a> in February that miners may be flocking there for the below-average cost of electricity and the opportunity to offset their emissions with renewable credits. Georgia <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.eia.gov\/state\/data.php?sid=GA#SupplyDistribution\">produces<\/a> 35.6% of its electricity from nuclear and renewable sources.<\/p>\n<p>Kentucky\u2019s Governor Andy Beshear signed into law last March a tax <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/legiscan.com\/KY\/text\/HB230\/2021\">incentive<\/a> for Bitcoin miners who set up shop and help support the state\u2019s fledgling renewable energy infrastructure. Kentucky has surpassed New York\u2019s hash power for third place in the union but <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.eia.gov\/state\/data.php?sid=KY#SupplyDistribution\">produces<\/a> only 6.6% of its electricity from renewable sources.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>IMF recommends eco-friendly CBDCs and non-PoW mechanisms for payments<\/em><\/strong><\/p>\n<p>The controversial mining bill is currently sitting on the desk of New York Governor Kathy Hochul, who has yet to publicly commit to signing the bill. Instead, she noted that\u00a0her team will be looking \u201cvery closely\u201d at the proposal over the next few months.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miners-say-ny-ban-will-be-ineffective-and-isolate-the-state\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin miners say NY ban will be ineffective and &#8216;isolate&#8217; the state &#8220; Two Bitcoin miners have told Cointelegraph that if the bill banning Proof-of-Work 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":460435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2ExYTlmMzgtZGFiYy00NmI2LTlhYTQtNzEwNjg1ODg3OTQzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,44483,70934],"class_list":["post-460434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-new-york-state","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=460434"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/460435"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=460434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=460434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=460434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}