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New York to ban cryptocurrency mining


New York to ban cryptocurrency mining

Why is NY banning Crypto?

Can you mine cryptocurrency in New York?

How harmful is crypto mining?

  • News reports said Monday that New York is considering banning cryptocurrency mining to be the first US state to take such a step, as the state continues to take accelerated steps to curb illegal practices in the cryptocurrency market.

  • Today, Monday, the New York State Parliament is expected to introduce a law against cryptocurrency mining, the American magazine Cryptopolitan, which is motivated by environmental conservation projects that the state is discussing.

  • Parliament is scheduled to convene in New York during its session today, Monday, and may approve this law, and thus New York may lose its place among those interested in various digital currencies, but it will protect the environment from mining damage.

It should be noted that cryptocurrency mining requires a large amount of energy to obtain Bitcoin, and cryptocurrency mining has increased in the United States recently after China banned it during the first quarter of 2021.