Michael Saylor spoke out against the ban on Bitcoin mining in New York – Bits Media

MicroStrategy CEO Michael Saylor criticized the two-year moratorium on the launch of new mining farms in New York state, calling it pointless.

Last week, the New York Assembly approved a ban on the launch of new mining farms, which will действовать два года. Сейчас этот документ находится на рассмотрении Сената США. In March, the bill was supported by environmentalists from the Committee on Environmental Protection in New York State, Considering, that this will reduce greenhouse gas emissions into the atmosphere. However, MicroStrategy CEO Michael Saylor (Michael Saylor), known for his commitment to Bitcoin, opposed this bill.

He wrote on Twitter, that this initiative will only harm the environment, New York's reputation and economy. Saylor called the bill counterintuitive, since existing companies, mining cryptocurrencies using the Proof-of-Work algorithm and using hydroelectric power, such as Greenidge, will not be subject to the moratorium. Such prohibitions only demonstrate, that laws can be maliciously manipulated to harm competitors, Sailor sure. Therefore, he called on state residents to take action and address this issue to the New York Senate.

Sailor posted a link to the statement, posted on the Chamber of Digital Commerce website. It states, that New York should not “fall out” of leadership in the field of sustainable development. Banning Bitcoin mining won't help the state meet its goals to reduce energy use and carbon emissions. On the contrary, it will only hinder the transition to renewable energy and job growth, and will also hinder the state's development in the field of sustainable energy. Besides, mining consumes approximately one tenth of one percent of all energy, produced in the world, indicated on the website.

According to the Bitcoin Mining Council (BMC), which includes Microstrategy, in the first three months 2022 year, electricity consumption for Bitcoin mining decreased by 25% compared to the same period last year.