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  • New York Gov. Kathy Hochul signed a law on Tuesday banning certain bitcoin mining operations that run on carbon-based power sources.
  • For the next two years, unless a proof-of-work mining company uses 100% renewable energy, it will not be allowed to expand or renew permits, and new entrants will not be allowed to come online.


 

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The U.S. has three primary electric grids, each having half or more of their generation stations running on fossil fuels. It's nearly impossible to use 100% renewable energy.

More virtue signalling through useless laws from useless politicians.
 

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The U.S. has three primary electric grids, each having half or more of their generation stations running on fossil fuels. It's nearly impossible to use 100% renewable energy.

More virtue signalling through useless laws from useless politicians.
Sure it is, just pump the million kWh you use into the grid from a solar system ( or whatever) and pull it out at your Bitcoin data, center. Not much deiiferent from your employer direct depositing your pay check in the bank, and then you EFT pay your bills, write Checks, and get cash via a ATm or branch.
 

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It's like a pack of ravaging Zombies these cryptos. They die, then come back to life more putrid than ever. Off they go into the streets and towns infecting all they bite. One good bite from a crypto Zombie and that's it, your live is over, your wealth in the toilet.
 

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I can't see much actual effect, NY doesn't have the cheap power that attracts miners. Years ago they were attracted to cheap Washington hydro power in wenatchee. Caused issues with utilities and produced almost no jobs. 25% of power in county goes to bit coin mining now. Even the Chinese are concerned about all the power used and basically shut them down. I understand the equipment mostly is in Texas now.
 

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jeez talk about ulterior motives. what a joke. this is what arbitrary, corrupt government looks like.

how many industrial plants run off of electricity just like these Bitcoin miners do? are they required to use renewable energy too?
ever notice how few people that are scientifically and financially literate in government? They make one bad policy after another after to slay made up boogey man crises like globull warming and mass extinctions
 

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I can't see much actual effect, NY doesn't have the cheap power that attracts miners. Years ago they were attracted to cheap Washington hydro power in wenatchee. Caused issues with utilities and produced almost no jobs. 25% of power in county goes to bit coin mining now. Even the Chinese are concerned about all the power used and basically shut them down. I understand the equipment mostly is in Texas now.
Data centers like cold. The servers produce heat and if you can use outside air, particularly when it’s cool enough not to be dehumified, run it through the data center and exhaust, you have made your operation 10- 20% more efficient.

Not an option for data center that are needed to be located near customers, but works well for computationally intensive uses. Local taxes ( property- servers, etc) have an impact too- I’m sure this isn’t in NYS’s favor.
 

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Data centers like cold. The servers produce heat and if you can use outside air, particularly when it’s cool enough not to be dehumified, run it through the data center and exhaust, you have made your operation 10- 20% more efficient.

Not an option for data center that are needed to be located near customers, but works well for computationally intensive uses. Local taxes ( property- servers, etc) have an impact too- I’m sure this isn’t in NYS’s favor.
I heard Iceland has a lot of Bitcoin mining, cold weather, cheap geothermal power and great internet connectivity to Europe and US
 

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Hard to imagine how such a thing is constitutional but who is going to expend time and money suing?

Anyway, NY will just lose the business. China made mining illegal too so everyone just went elsewhere.

I do agree though that Bitcoin energy usage is insane. It takes an estimated 1500 kWh to process ONE TRANSACTION. And growing all the time.
 

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I still don’t see the value in cryptocurrency. The idea of decentralized currency is cool, but it doesn’t really work. The economy is driven by institutional transactions, not individual consumers. Unless a municipality issues $1.9B in bonds to fund their stadium, or banks syndicate a $800M merger, or business post $100M salaries with commercial paper, or governments pay $51B in tariffs in “cryptocurrency” (which they won’t, because it’s not regulated), I don’t understand the value or how it will ever take off.
 

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Hard to imagine how such a thing is constitutional but who is going to expend time and money suing?

Anyway, NY will just lose the business. China made mining illegal too so everyone just went elsewhere.

I do agree though that Bitcoin energy usage is insane. It takes an estimated 1500 kWh to process ONE TRANSACTION. And growing all the time.
Thats not accurate- that would be an energy cost of at least $60/ transaction. It fails the sanity test.
 

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When a raving lunatic is elected governor-or senator[Penn🙈]-you cant be surprised when they do stupid stuff…Used to be a point would be reached where you would say” Ive seen it all now”, but once the Congress started operating the country w/o a budget[12 yrs now?]its all been skidding downhill pretty fast…nothing an elected human unit does anymore surprises me…cant wait for The Fett to start taking DC by storm
 

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It has become apparent these past few years, that the American populace in general prefers to be governed hard and fast. They are literally begging to be governed harder and harder. You'd think they'd be sore by now, but they seem to actually enjoy it.
 

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That's scary. One would think in America once you buy the power you could do whatever you want with it, but nope. Coming soon to a state near you "it's now illegal for you to use electricity for any purpose that is not on the pre-approved government list."
That is the implicit precident isn't it? Scary and dangerous, I hope a smart legislator at least mentions this. Bought $2000 worth of BTC yesterday morning on that note. Next stop $120,000?
 
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