Those opposing this bill say that crypto miners should be given a chance to work before they are banned. Banning these miners will harm the economy and employment of the state. Another Democrat and the head of the Senate Environmental Conservation Committee, Todd Kaminsky, is also opposing the bill. CoinDesk quoted Kaminsky as saying, “I really believe in the new green economy and fighting climate change. We must question whether this law will meet our climate goals without harming an early-stage industry. How much will it help in fulfilling it. I think this can harm the economy of our state.”
Since the ban on crypto mining in China last year, most of the people associated with it are working in other countries like America, Iran and Kazakhstan. As of July last year, about 35.4 percent of bitcoin miners were in the US. This made America a major center of crypto mining.
CNBC reported last year, citing data from Foundry USA, that New York, Texas, Georgia and Kentucky are the preferred destinations for crypto mining. Nearly 19.9 percent of bitcoin miners in the US were in New York, 18.7 percent in Kentucky, 17.3 percent in Georgia, and about 14 percent in Texas. Recently an executive order related to the crypto segment was issued in the US. It also asked the Federal Reserve to consider the possibility of launching a central bank digital currency. Some other countries are also preparing to tighten crypto mining due to high consumption of electricity.
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