Highlights

  • New York is crushing down on Bitcoin mining
  • Bitcoin mining escalates power demand

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This state in the US is looking to ban bitcoin mining; here is why

The US accounts for nearly 38% of the global bitcoin miners. 

The video of a bulldozer crushing Bitcoin mining equipment went viral a few months ago as Malaysia cracked on operations to cut down the excessive use of power. Now New York is doing the same, not using bulldozers but crushing down on Bitcoin mining as it escalates power demand.

Also read/watch | RBI June Monetary Policy: Factors at play for Shaktikanta Das

Lawmakers in New York passed a bill to ban bitcoin mining operations that run on carbon-based power sources. The bill now heads to the Governor who could sign it into law or veto it. If turned to law, it would make New York the first state in the country to ban blockchain technology infrastructure

US which is currently at the forefront of the global bitcoin mining industry, accounts for nearly 38% of the global bitcoin miners.

Also read/watch | How rich is Queen Elizabeth II and where she gets her cash from

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