Read now to learn how governments deciding how their citizens can use energy will negatively impact much more than just Bitcoin mining.
Bitcoin adoption around the world is accelerating. Tens of millions of people are coming to understand the power of decentralized money that can’t be controlled, inflated, censored, or stolen. And billions more will learn that truth over the coming decades.
But the road to hyperbitcoinization is anything but smooth. Uninformed critics abound and are doing everything in their power to sow fear and misunderstanding about the true role that Bitcoin was built to play in society and economies. Many of them will grasp onto any half-truth or outright lie if they think it will scare people away from Bitcoin usage.
We unfortunately witnessed another example of such fearmongering just last week when lawmakers in the state of New York within the U.S. passed a far-reaching moratorium that will likely have lasting impacts on the state’s receptiveness to Bitcoin and the Proof of Work algorithm that enables its existence.
Limits, But Not Elimination…Yet
A lot of people in the Bitcoin space have misunderstood exactly what New York’s bill stipulates. While the tenor of the bill certainly doesn’t cast a positive light on Bitcoin, nor does it elicit feelings of hope for Bitcoin mining’s future in the state, the bill doesn’t actually ban Bitcoin mining. But it does rather severely cap the potential growth of Bitcoin mining within New York.
How so? The bill eliminates any chance for new Bitcoin mining operations that utilize “fossil fuels” to be created. It also limits the ability of existing mining operations that utilize those energy sources from expanding. Both limitations are in effect for at least for two years while the state’s legislators perform additional research on the topic.
Many environmentalists are likely cheering the move since it seems targeted towards reducing the use of fossil fuels in the generation of energy. However, there are genuine reasons to be concerned about how the bill has been structured:...
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