Since its inception, the quintessential cryptocurrency has never had an easy life, and it is in the news these days that Bitcoin has been banned by an ad hoc bill in the state of New York.
Ban for Bitcoin
The most capitalized cryptocurrency has been hovering around $16,000 for a few weeks now, and as we write this is no exception ($16,693.50 a weak +0.56%).
The range between 16,000 and 17,000 is where BTC has been “floating” since the last industry scandal. Sam Bankman-Friedmega fraud by FTX and Alameda Research.
However, the financial tsunami that has depleted the value and size of any company and the cryptocurrency world has not shaken the fundamentals of digital currency, which can be traced. Bitcoinwhich, as we know, is not always a good thing, but paradoxically more powerful.
The confirmation comes from New York State, which continues its war against Satoshi’s currency, showing resilience despite indications that Bitcoin will not fall below $16,000.
Bitcoin, for example, is based on Proof of Work, unlike Ethereum, which is based on Proof of Stake, which does not please either its regulators or the state of New York, which is under pressure from the Green Party.
In an ad hoc bill, the Big Apple state Senate puts a moratorium on some Bitcoin transactions.
BTC mining via Proof of Work burdens the state’s energy production with pollution that Stake-based currencies do not.
The ban will last for two years and will affect any digital currency based on fuel or carbon, and thus PoW, not just Bitcoin.
Now the ball is in the court Kathy HochulA US state governor can block a bill only if he vetoes it.
The fate of PoW-related digital currencies rests in the hands of America’s Dem governor.
The much-discussed bill reads:
“Continuing and expanding cryptocurrency mining operations that implement proof-of-work authentication techniques to validate blockchain transactions will dramatically increase the amount of energy consumption in New York State, impacting compliance with the Climate Leadership and Community Protection Act.”
Sterling Bank vs Bitcoin
Not only institutions but also some credit institutions are protesting against Digital Gold.
Britain’s Bank of Sterling has banned and advises against the use of Bitcoin due to the asset’s riskiness, high volatility and frequent prey and tool of criminal organizations.
For now, the foreign credit institution has only banned investors from depositing and withdrawing from cryptocurrency exchanges.
“This is a temporary measure we have taken to protect customers, having observed a high level of suspected financial crime related to payments to some cryptocurrency exchanges. This is a problem not only for Starling, but for all banks.”
According to a statement issued by the bank through its spokesperson, the ban is temporary, but it is not yet known when it will be lifted.
“because we will be implementing additional controls specifically for payments to cryptocurrency exchanges.”
An interesting case of Kenya
The Big Apple is not the only country to argue with Bitcoin in various latitudes, and pollution control in various capacities often causes problems for the currency, but among them there is a special case.
Kenya is a Central African country known for its electricity production.
Parastatal company KenGen is not only Kenya’s but Africa’s largest electricity producer and crypto world.
The company announced its idea BTC miningthat is, using excess geothermal energy for this very purpose.
Quartz explains that the plan is intended to lend a helping hand to all players in the cryptocurrency world who need large amounts of power for their businesses, and thus Bitcoin miners.
The country generates 863 MW of power, almost all of which is produced and guaranteed by the principality company KenGen.
However, this is only the tip of the iceberg or the volcano that remains connected to the geothermal theme, as the potential of energy produced is estimated at 10,000 MW in the Rift Valley alone.