Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Many responded to the passage of the bill that will impose a two-year moratorium on new Bitcoin mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. operations powered by non-renewable energy.
- The New York governor has yet to sign the bill into law.
- Some enthusiasts believe it will be negative for the crypto industry.
- Not everyone is opposed; several BTC mining companies acknowledged that it would not affect them.
The mining community of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. in New York is responding to the recent passage of a bill that seeks to pause proof-of-work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. mining operations for a span of two years in that state.
As reported by DiarioBitcoin this morning the Senate of New York, in the United States, approved the bill “S6486D” that would impose a two-year moratorium on new PoW mining projects, such as Bitcoin The legislative proposal, which was approved by the House of Representatives, is based on carbon-based energy. The legislative proposal, which was passed by the state Assembly in April The new cryptocurrency mining platform a place to buy, sell and store cryptocurrency is an effort to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the environmental concerns of cryptocurrency mining.
Although the bill has generated controversy among digital asset enthusiasts, it should be noted that the scope is relatively limited. As such, its official approval will not affect companies currently operating digital asset farms. Bitcoin in the capital capital is most commonly defined as the large sum of money you would use to invest. city or prevent them from renewing their permits; but it would prohibit them from increasing the amount of energy they consume.
Instead, the purpose of the law will be to pause for two years the issuance of new licenses to mine cryptocurrencies with fossil fuel-based energy; but it would not apply to operations powered by renewable energy. During this time, the state will conduct a study on the potential environmental impact of PoW mining.
The bill passed Friday with a majority of votes in favor (36-27), but Kathy Hochul’s signature is still needed before it can officially become law.
Bitcoiners respond to approval
While the practical scope of the proposal seems limited, some enthusiasts and ecosystem observers have pointed out that its passage could stifle innovation and drive cryptocurrency companies away from New York State; especially since it will prevent new PoW mining facilities that operate on non-renewable energy from setting up shop in that jurisdiction. At least for a while.
As stated inThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.This was the view, for example, of some of the lawmakers who opposed the bill. This group, which included Democratic Senator Todd Kaminsky, has warned that passage could have a ripple effect on New York’s position in the cryptocurrency industry as a whole and eliminate jobs from the state.
It is with this in mind that several have approached the governor to ask her to veto the moratorium. Barry Silbert, CEO de Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Currency currency is a medium of exchange that defines value. Group , said in a tweet on Friday that the bill was ” a job killer “and send ” a terrible message to crypto-entrepreneurs “. La Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. Association he replied, addressing both the governor and the community.
Our focus now turns to [Kathy Hochul], who should veto this misguided bill. We encourage all pro-tech New Yorkers to make their voices heard and ask the governor to veto it.
End/ We still haven’t heard an answer.
Our focus now turns to @GovKathyHochul who should veto this misguided bill. We encourage all pro-tech NYers to make their voices heard and ask the governor to veto.
— Blockchain Association (@BlockchainAssn) June 3, 2022
The mining companyFoundryowned by Digital Currency Group also resorted to Twitter para comentar las posibles desventajas que podría traer la aprobación de la normativa.
“ We sincerely hope that Governor Hochul does not enact this bill, as it represents the clear targeting of one industry among hundreds of others across New York State. . As a Rochester-based company committed to growing the city and state’s economy through job creation and economic stimulus, we believe this legislation limits jobs and innovation in New York for the foreseeable future. “.
Most businesses will be unaffected
Los entusiastas de la industria de criptomonedas ya se habían enfrentado en contra del proyecto cuando se introdujo por primera vez el año pasado. Sin embargo, el lenguaje de la normativa se ha hecho más acotado desde su primera original, en parte, debido al impacto que han generado los “ lobbying efforts ” de los defensores de criptomonedas, según señala la patrocinadora del proyecto, Anna Kelles.
At that early stage, many industry advocates called the proposal a “ ban “total mining, as recalled by CoinDesk . Then, when clarified about the moratorium, they highlighted their concern that the bill could open the door for stricter and more restrictive policies for the digital currency sector.
As stated inThe Block, u week after the New York Assembly voted in favor of the moratorium, a group of national crypto representatives rallied outside the state capitol building in Albany, New York. to oppose the project.
However, not all members of the industry see its approval as negative, as they agree that the project will not affect the operations of the mining companies of Bitcoin existing. Paul Prager, founder and CEO of the Bitcoin TeraWulf which operates a plant “ 90% carbon-free energy ” in western New York, said the company would be immune from the bill.
Even the company Greenidge Generation which owns a 106-megawatt facility in Dresden and whose operations have been at the center of the discussions of environmentalists and mining critics Bitcoin He clarified that even if the bill is passed it will not shut down its operations. “ Greenidge’s New York facilities would not be affected by this bill. ”.
Article by Hannah Estefania Perez / DiarioBitcoin
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