Yup, New York knows what it is doing. They were the first state to really get serious about crypto, not just mining. They want miners to get clean energy, miners will comply. And then they will become a model state, for others to follow, and after a year or two everyone will know how to get into the clean process easily. I see this as a good long term plan, plus adds more ammunition to dispel the dirty Bitcoin mining myth.

So I know it seems like bad news but 2 years is a short time and enough for everyone to become 100% renewable. The complications and requirements are unfair and biased for sure but it will work out for miners in the end.

Exactly what I was thinking. Mining margins are already thin with the average cost of electric, and the miners themselves. Let alone, factoring in running those miners in or around a city/state like New York. I guess the out skirts of the city itself, probably is more affordable, but the city will have massive electricity charges just like any major city.

This probably isn't going to effect too many smaller miners either, since the margins probably wasn't worth it in the beginning. Although, this does signal one of the first steps of doing this sort of regulation, and likely other countries, and states of the US will follow suit.

As I posted elsewhere on the board:
Since as of last year NY had just under 20% of the total US mining and was growing:
https://www.cnbc.com/2021/10/09/war-to-attract-bitcoin-miners-pits-texas-against-new-york-kentucky.html



Not even close. DOWNSTATE NY like NYC and the surrounding area are very expensive. But once you start heading north and west it's not really more or less expensive then any other state. As you get even more north you have cheap hydro power and since it's cool cold a large part of the year it makes cooling your facility that much cheaper.
OR as 'real' major data centers have found it's better to pay more for electric and land and then use less cooling then save a few (yes a FEW) cents for KWH and have to run the coolers longer and harder.


Or, it puts them in more control of the businesses that are here. I use this example since it happened to me. Black Hat DecfCon 2011 3 of us got our debit cards comprised. We all used the same ATM at JFK when flying out.
I had all the money taken out of my account returned to me before we were back home a week later. The other 2 neither of which were NY residents even though we all used the same bank waited more then a month to get their funds returned. Why? Because of the big stick. Nobody wants to mess with the NYDFS. The carrot is you get to do business in one of the largest financial markets in terms of people and money.

NSFW how NYDFS talks to banks financial institutions that don't follow their rules: https://youtu.be/Odd8Zdhuj9o?t=109

Which, on the other side of the coin does as you said cause a lot of people businesses not want to be here. No argument, but the ones that do exist here tend to follow the rules.

-Dave

And to move from another place might not be a big issue for the miners.
But what I see from this situation, NY has been making themselves out of big opportunities that these miners could contribute to their economic growth.

Ohh, that NY alone can't make stop Bitcoin mining, there are so many places that welcome miners and help to grow their business. So I see this no impact on the market, we are still seeing an increase of miners in their place rather than being afraid of what this banning proposal may result.

The decision made by NY isn't harmful to anyone nor miners or NY. Since they prevent the use of power source which isn't renewable, they aren't preventing mining. Whether miners will move to other places or will comply with the rules. I don't see why the rules should backfire in NY. This isn't a big fact, to be honest, but it's like a FUD. Bitcoin miners should think from the beginning about renewable energy so that they won't fall into trouble later on. There should be a revolution in renewable energy that should use for the Bitcoin mining.

Honestly this is not a loss for miners, but a loss for New York itself. They could have just accepted the miners, put a renewable energy quota to each of them, and use that to distribute cheaper energy to people who need it the most. Think about it, do you really believe that someone will open up a mining farm in wall street skyscrapers?

Of course not, it would have been in lower income places where they could find warehouses big enough to store all those machinery, or it would be individuals basically, which wouldn't really be a big deal. So, what we really needed was just making sure that New York profited from this, and they went the opposite direction instead.

So NY is 4th largest producer of power and it is also highest rated miner with 10% words has power, so this means they have high electricity bill payment, bigger state taxes and huge income from the miners around NY and yet they are against bitcoin miner!! Let’s not discuss the shit like it’s producing huge carbon dioxide. Have you ever seen the cooling towers and their air compressors. Lolz, they are consuming more power and releasing more green house gases for sure. It’s not easy to Cool the whole tower isn’t it? What about the IT companies, 24x7 running servers and every shit in those glass towers, imagine the power consumption and effects on environment.
Still they want bitcoin miners to be moved. Seems only one reason: they are scared of decentralisation.

Nothing serious about Bitcoin? You don't think the Bitlicense was the NY state getting serious about it? Not that when I said that, I didn't mean NY was supportive of Bitcoin (I don't think it ever was I think it was a way of compromise with regulators).

And this was way back in 2015 or 2016 too, when I don't think there was anyone close coming to that level of serious regulation like only until recently.