The Legislature just approved a bill imposing a partial moratorium on the dominant form of “mining” used by cryptocurrencies including Bitcoin, which now heads to the governor’s desk. The reason? Carbon emissions. The challenge? State leaders, like most people, have more to learn about this fledgling industry.
Mining refers to how computers unearth new crypto coins from networks by hacking away at difficult cryptography puzzles. Crypto assets like Bitcoin are made rare and valuable by mining’s difficulty. Intensive “proof-of-work” mining, the legislation’s target, keeps out fly-by-night activity that would undermine network trust.
Here’s where carbon enters the picture. Intensive computing requires intensive energy, which often means intensive carbon emissions.
In recent years, New York State has become a mining hub. The cool upstate climate and cheap energy defrays the refrigeration and electricity costs needed to keep processors humming. This has attracted vast and numerous “...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...