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New York is moving to ban cryptocurrency mining, and Parliament will take its decision today

New York is moving to ban cryptocurrency mining, and Parliament will take its decision today

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Answer New York is moving to ban cryptocurrency mining, and Parliament will take its decision today

New York continues to take steps to curb illegal practices in the cryptocurrency market, with the state considering banning cryptocurrency mining as the first US state to do so.

In the event that Parliament, which is holding its session on Monday, approves this law; New York will lose its place among those interested in cryptocurrency, but it will protect the environment from the harms of mining.

A plan against cryptocurrency mining in New York:

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

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Cryptocurrency mining is a process that requires a huge amount of energy to obtain bitcoin, as cryptocurrency mining increased in the United States after it was banned by China in the first quarter of 2021.

New York is among the top states for companies looking to mine cryptocurrency in the United States.

Once the cryptocurrency mining regulatory act is approved, New York will be the first state to enact cryptocurrency mining laws in the USA.

While cryptocurrency mining experts assert that this regulatory law will slow the country’s progress regarding the cryptocurrency market in the future.

While the state legislature plans to create a regulatory framework against cryptocurrency mining, New York Mayor Eric Adams promotes cryptocurrency and considers himself its biggest supporter and has even started trading bitcoin.

Will America Retreat From No. 1 in Bitcoin Mining?

After banning mining activities in China, the country’s share of bitcoin mining declined from 75.5% in 2019 to 0% in August of 2021.

While the US share of global cryptocurrency mining was 4.1% in 2019, this percentage increased to 35.4% in August of last year.

After the United States, Kazakhstan had the largest share of bitcoin mining globally, at 18.1% as of August last year.

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The ban on Bitcoin mining in New York, if passed by Parliament, is expected to affect the rate of cryptocurrency mining in the country, as New York is one of the most active US states in the field of cryptocurrency mining.

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