New York's bitcoin mining companies are considering leaving the state entirely over 'political and regulatory ambiguity' as the legislature considers a bill that could impose a moratorium on proof-of-work mining. egreechee reports
“All cryptocurrency companies have a permanent hold on starting businesses in New York due to the political and regulatory ambiguity. If the bill were to pass, New York would become a permanent afterthought for the industry,” said Kyle Schneps, director of public policy at Foundry, one of the largest miners in the U.S., which is based in Rochester, New York. Foundry is owned by CoinDesk’s parent company, Digital Currency Group.
Regulatory uncertainty, including the bill, is one of a few factors driving potential mining firms away from the state of New York, one executive from a local mining hosting firm told CoinDesk. Increases in energy prices are another reason why firms are staying away from the state. The executive attributed the uptick in electricity rates to global macro events such as the conflict in Ukraine as well as the growing cost of complying with renewable energy mandates in New York.
While the bill only targets mining operations that use fossil fuels, those that use renewable energy are wondering if they are next, John Olsen, who leads New York policy at advocacy group the Blockchain Association, told CoinDesk. The original language of the bill called for a moratorium on all types of mining, he said.
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