Legislation to End BitCoin Mining

What’s happening? New York Legislature is considering S6486 (2021 | NY) that would prohibit bitcoin mining because of the environmental concerns.

Why is this important? NY will take 3 years to study the environmental impact. The industry says “A single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month, with an estimated level of global energy usage equivalent to that of the country of Sweden.”

How will this be important? Bitcoin mining takes a lot of electricity. Some companies make arrangements with renewables or to mine at non peak hours. Some companies opt for very cold climates to minimize electric impact.

Bitcoin Magazine | NEW YORK’S MISGUIDED LEGISLATION TO PAUSE BITCOIN MINING WON’T STOP THE INDUSTRY