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Future in Context
New and growing GovTech100 companies are likely to have an outsized role in making government better. Many now come with deep pockets thanks to investments from private equity.
In Oregon, data centers and cryptocurrency miners would have to adhere to the same standards as big private utilities. If the bill passes, violation of the rules would result in hefty penalties and withheld tax breaks.
Despite the high-profile collapse of crypto trading platform FTX, the Legislature’s Work Group on Blockchain Matters has established a master plan to propel the state to the forefront of the $5 billion industry.
Auditors revealed that the cyber attack led to money being misappropriated but that port officials have been able to recover approximately $250,000 through insurance so far. The agency has since received federal aid to boost security.
Blockchain technology is starting to revamp corporate governance. There are those who believe it could revamp local government as well.
The enormous energy demands of Bitcoin mining are prompting some U.S. municipalities to impose moratoriums or outright bans on cryptocurrency facilities. Bitcoin mining activity, critics warn, is leading to electricity price hikes and a revival of dirtier sources of power.
The Department of Environmental Conservation rejected an air permit to the power plant near Seneca Lake that used most of its electricity generation to mine the cryptocurrency. Many see it as an environmental win.
Several democratic local officials from the region have said that they won’t vote for Gov. Kathy Hochul if she doesn’t crack down on crypto mining operations across the state, for fear of the industry’s environmental impacts.
The state’s Select Committee on Blockchain, Financial Technology and Digital Innovation Technology discussed allowing state politicians to accept digital currency donations. No formal decisions were made.
Grundy Center has one of the first large-scale cryptocurrency mining sites in Iowa and uses more electricity than all the residential customers combined. State officials say the high-energy demand should be a red flag.
As interest in cryptocurrency mining continues to grow, Texas power utilities are left to figure out how to manage the surge in electricity demand largely on their own, making many things, like monthly costs, uncertain.
The state has updated a law that will likely add more decentralized autonomous organizations to the state, which officials hope will further Wyoming’s status as a national trendsetter for virtual currency.
An eye doctor from Cheektowaga, N.Y., filed a lawsuit when a cybersecurity company refused to cover his losses after someone hacked into his cryptocurrency account and stole $12 million.
While the city has become known for its cryptocurrency advancements, other Florida regions, including Broward and Palm Beach counties, are looking for ways to get involved in cryptocurrency.
A Bloomberg report ranked the city as a standout city in the nation for crypto-related job hires, averaging 1.9 crypto hires per 100,000. Three of the top 10 cities were located in New York state.
From October 2020 to May 2021, nearly 7,000 people lost more than $80 million on fake cryptocurrency schemes, according to the Federal Trade Commission. States are issuing fines and orders to try to prevent future fraud.