For the Bitcoin (BTC) Investor

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New York accepted the law that was issued for the suspension of bitcoin’s proof of work mining procedure. The law is on its way to the office of the Governor; where it will be signed. However, if the law gets signed New York will become the number state to attack Bitcoin; using the law as its weapon.

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For Bitcoin (BTC) Investor

Few Problems That Are Related to This Issue, That Should Be Discussed
Firstly, China: a Communist nation, was quite reluctant to attack bitcoin in this manner. As you know, roughly 65% of the Bitcoin mining process took place in China at that time. Consequently, the banning of BTC mining in China caused around a 50% decline in the BTC hash rate. This is because miners had to move their equipment out of the nation. However, BTC live through this and subsequently reached the highest height ever in its hash rate after seven months. BTC seems to always recover, after encountering a setback.

Secondly, it is weird to think that New York would want to control the activities that occur in a data center. In reality, BTC mining machines are just computers solving mathematical problems. Now, If New York intends to prohibit math solving computers, then there will be many implications to this decision. Essentially, New York is carrying out algorithmic bigotry. This could be seen as a direct attack on a specific computer algorithm, and this is delirious.

For Bitcoin (BTC) Investor

A Notable Case of Bernstein Against the Department of Justice
Finally, the effect of this decision on the economy may have been underestimated. This is because Cryptocurrency in general is one of the rapidly growing sectors globally. Consequently, the rapid growth of cryptocurrency has created numerous job opportunities, subsequently generating billions of dollars in tax revenue. The attack launched against in New York won’t eradicate BTC, mining companies will only move to a more favorable location. This will consequently stop the new BTC mining company from moving into New York, and this will have a serious effect on the economy of the state.

Whenever the government interferes with the markets, things don’t always get better. Clamping on BTC mining as a component of a climate change initiative is a very inconsequential step toward solving the problem.

If the state is deliberate about saving energy, then it will begin to construct nuclear power plants. Also, they will generally, work towards solving other major problems that relate to the issue of climate change. Unless this is done, this move will be seen as a deliberate attack on Bitcoin.

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