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Monday, June 17, 2024
HomeNewsNew York Town Takes a Stand: Cryptocurrency Mining Halted for 6 Months!

New York Town Takes a Stand: Cryptocurrency Mining Halted for 6 Months!

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TL;TD:

New York’s town of Brasher has implemented a six-month moratorium on cryptocurrency mining and related activities. The moratorium aims to protect the public interest and welfare until comprehensive regulations are established. The town wants to regulate the industry due to concerns about excessive energy consumption and potential environmental impact.

Facts

  • 💻 New York’s town of Brasher has implemented a six-month moratorium on cryptocurrency mining and related activities.
  • 📅 The moratorium is in effect from April 30 to October 31, with the possibility of renewal by city council members.
  • 🏢 Brasher currently does not host any specific digital currency companies and wants to establish regulations before allowing them to operate.
  • ⚡ The town is concerned about the excessive electricity consumption associated with mining operations, which could strain the existing electric system.
  • 🔌 Brasher wants to develop regulations through zoning laws and assess the availability of necessary resources, such as three-phase power.
  • 🌍 Environmental impact is a significant concern, as mining devices generate heat and may require additional energy for cooling or emit heat into the atmosphere.

Source: Live Bitcoin News.

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