Bitcoin Falls Slightly , New York Governor Needs Time to Consider Ban on Crypto Mining

This morning in Asia (June 10), the bitcoin price fell 0.65% to $30,083.80.

Bitcoin’s negative move this morning came after the Dow Jones fell 638 points on Thursday (June 9) on the back of a renewed rise in U.S. Treasury yields, including a higher-than-expected jobless claims number.

  • The Dow Jones Industrial Average fell 638.11 points, or 1.94%, to close at 32,272.79.
  • The S&P 500 fell 97.95 points, or 2.38%, to close at 4,017.82 points.
  • The Nasdaq fell 332.05 points, or 2.75%, to close at 11,754.23 points.

Movements in the Crypto Space

The governor of New York has not yet agreed to sign a ban on bitcoin mining as she needs time to consider the law.

New York State Governor Katy Hochul has yet to sign the controversial proof-of-work (PoW) ban on crypto mining.

If it signs the fossil fuel-based PoW crypto mining law, it will no longer be possible to set up mining facilities or renew the existing license in New York. Due to the new regulations, only PoW systems powered by 100% renewable energy will be able to operate.

The New York State Senate passed the bill on June 3, leaving members of the crypto community very disappointed. This means that the outcome of the bill is in the hands of Governor Hochul, who has the authority to approve or veto the bill.

During a press conference Tuesday, Hochul did not issue an ultimatum regarding the PoW ban, suggesting that the review process could take several months to see all documents in detail.

Late last month, Hochul also stressed the need to balance environmental protection with job creation.

However, PoW mining has been a contentious issue in New York for several years. Environmental groups such as the Seneca Lake Guardian have repeatedly spoken out against bitcoin mining company Greenidge Generation LLC, based in Upstate New York.

Many organizations, businesses and labor groups signed the letter in October. It called on Governor Hochul to reject a license for a PoW-based bitcoin mining company.

The Spot Market is Open

Friday, June 10, 2022

Crypto
Updated at
USD
Price

Change

%Change
12.30 BTC30,121.34-102.88-0.34
12.30 ETH1,792.92-3.48-0.19
12.30 LTC59.97-1.17-1.91
12.30 BNB292.08+1.54+0.53
12.30 XRP0.41+0.01+1.98
12.30 ADA0.63-0.01-1.67
12.30 DOT9.32+0.04+0.46
12.30 DOGE0.08-0.00-0.54
12.30 UNI5.18-0.03-0.58
12.30 LINK9.20-0.14-1.31

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