New York’s governor has determined who can mine bitcoins in the state

Bitcoin mining that uses electricity from sources other than renewable energy will be phased out in New York State.
According to the New York governor’s office, New York State Governor Kathy Hochul signed the bitcoin mining bill, which was passed by the state’s lower house in April and the New York Senate in June.
The law imposes a ban for the next two years on new Proof-of-Work consensus cryptocurrency mining facilities, including bitcoins, opening in the state. In addition, those companies already mining Proof-of-Work digital assets will not be able to renew the right to operate once their existing permits expire, if any have been granted. These companies are also prohibited from increasing their cryptocurrency mining capacity.
Technically, the state has no restrictions on cryptocurrency mining as long as 100 percent of the electricity consumed comes from renewable energy sources. In reality, there will be no possibility of their operation in most cases (the law has already been enacted), as only a third of electricity in New York State has its source of generation from renewable sources. At the same time, the share of hydroelectric power in this region is the highest among the states on the U.S. East Coast.
The Chamber of Digital Commerce estimates that bitcoin miners in New York City now have an 80% share of their energy from renewable sources. On the one hand, this is higher than the global average (59%), on the other hand, the adopted law requires that this share should be 100% and not less.
Given the realities of electricity generation in New York State, as well as the energy opportunities in the region, the adopted law, as experts believe, will reduce the motivation of investors to mine bitcoins in the state in principle.
The signed law in New York State fully corresponds to The strategy to regulate the mining of bitcoins and other digital assets Proof-of-Work, which adheres to the administration of U.S. President Joe Biden: in the United States will have to remain only those Proof-of-Work cryptocurrency miners, who use only electricity that is generated from renewable energy sources when mining.
At the same time, Washington believes that bitcoin miners will not have to use energy from classical electricity providers in the United States, but will have to build their own solar, wind and hydroelectric power plants. This limitation stems meanwhile from reality, since almost all of the classical providers in the U.S. provide electricity of various kinds of generation and few who can provide always 100% energy from renewable sources.
If anything, Washington DC is planning to ban bitcoin miners from working with classic electricity providers anyway, and New York State is piloting such a regulatory concept in this regard.

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