At the start of the current year, the State Assembly of New York proposed a ban on all Proof-of-Work investment options. At present, the proposal calls for a two-year ban on Bitcoin miners in the region. At present, the proposal has been put on indefinite hold. However, there are still politicians who are pushing to get the bill passed and made into law.
Meanwhile, on the other side of the spectrum, there are staunch cryptocurrency proponents who are expressing their concerns on the matter. One of the PoW mining industry supporters is Shark Tank’s co-host and Venture capitalist, Kevin O’Leary. He recently told media that banning cryptocurrency mining in New York will render the state un-investible territory.
Future of Cryptocurrency Mining in New York State
The veteran trader Kevin O’Leary was invited for an interview on CNBC recently, where he claimed that banning crypto mining in New York is not going to make a big difference in the overall hash rate production around the world. However, he suggested that by making such a harsh decision, the business community of New York is going to miss a big opportunity.
He also talked about how New York is an ideal place for setting up Bitcoin mining farms, considering that the miners prefer green energy resources. According to his comments, New York generates a considerable amount of hydroelectric energy that it can put to good use. It is worth noting that in the past, Leary advised investors to stay away from Bitcoin that was mined in China, calling it blood tokens.
Talking about the interest of investors and government agencies, Leary claimed that Bitcoin mining farms generate a considerable amount of revenue that makes up for a hefty tax payable. He further claimed that the mining industry would be able to churn out jobs for many people and criticized the politicians who are pushing to ban PoW in New York by claiming that they are frightening away good revenue streams.
In addition, Leary also seems to endorse the idea that Bitcoin mining can encourage more clean energy producers in the region. He claimed that constituencies like Switzerland, Norway, Texas, Florida, and UAE are already ahead of the USA in terms of being more cryptocurrency compliant. He also talked about his zero-carbon emissions energy project that he is planning to move to Norway due to the lack of scope in the US market.