Why is NYC banning crypto mining?
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Lawmakers backing the legislation say they are looking to curb the state’s carbon footprint by cracking down on mines that use electricity from power plants that burn fossil fuels.
Why is crypto banned in New York?
The bill is an attempt by lawmakers to impede the state’s carbon footprint and “mitigate the current and future effects of climate change,” according to the bill.
Is crypto mining illegal in New York?
The New York Senate passed Bill S6486D banning cryptocurrency mining in the state when relying on carbon-based energy sources to power their operation.
Why is crypto mining being banned?
To ease the strain on power plants and reserve more electricity for households, the government imposed a four-month moratorium on Bitcoin mining.
Is cryptocurrency allowed in New York?
Yes. A business that is chartered under the New York Banking Law (for example, a New York State limited purpose trust company or a New York State bank) can engage in Virtual Currency Business Activity without a BitLicense if it has received the Superintendent’s approval to do so.