The state’s attorney general is pressing lawmakers to pass legislation that reduces potential conflicts of interest, requires more public reporting and improves protections for investors within the cryptocurrency industry.
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.
The state’s low-cost energy is a great draw for those looking to expand the cryptocurrency industry. But mining the digital currencies consumes a lot of power and some experts aren’t certain that the state’s power grid can withstand the stress.
Texas Republicans have largely welcomed the blockchain technology industry with open arms. But skeptics are concerned about cryptocurrency mining’s impact on the environment and energy grid.
The state’s largest electric utility, Ameren Corp.’s Sioux Energy Center, is mining bitcoin to avoid wasting energy and stressing its power plants. Ameren believes it is the first or one of the first utilities in the nation to do so.