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BITCOIN MINING BAN NOT BAD, STILL NOT GOOD: VITALIN BUTERIN

BITCOIN MINING BAN NOT BAD, STILL NOT GOOD: VITALIN BUTERIN 

On Friday, lawmakers from the New York Regional Senate passed a bill that would suspend licenses for new cryptocurrency mines using carbon-based fuel, due to environmental concerns.


Reportedly and unfairly as a ban on Bitcoin mining, the bill is still awaiting the signing of Governor Kathy Hochul. If it becomes law, it will impose a two-year ban on the operation of cryptocurrency mines (PoW) to verify transactions. Regardless of the nature of the ban, it has not been well received by the cryptocurrency community, including Ethereum founder Vitalik Buterin.


Buterin rewrote Bruce Fenton, former director of the Bitcoin Foundation, running for the New Hampshire Senate, and noted that he agrees with Fenton's tweet, saying: "No government has the right to tell you which software to use."


"I oppose the PoW ban," Buterin wrote on Twitter on Saturday.


Under PoW, cryptocurrency miners rush to resolve issues to secure transactions, a process that requires a lot of tools and computer power. Bitcoin and Ethereum are currently using PoW, but Ethereum plans to switch to a different, more energy-efficient approach this summer.

Although Buterin supports Ethereum's move to PoW, he said on Twitter it was "a bad idea" for the government to "choose and choose which specific requests are best to use electricity or not."


Instead of banning new projects run by PoW, "it is better to use carbon offsets, and use some of the revenue to compensate low-income users," Buterin said.


When the Senate voted 36–27 to pass the bill and send it to Gov's desk. Hochul, mining companies have threatened to leave New York if the decision is signed into law.

Source: yahoo




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