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Topic: New York Prohibition of Mining Law - page 2. (Read 320 times)

legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
November 29, 2022, 07:22:17 AM
#4
I still think miner builder companies should improve hardware to consume less power. Something they are not doing yet, in my opinion.

It's been discussed before in other places on the forum but miners are building more efficient BUT more powerful miners.

Every new generation of miners use less power to generate more hashes. BUT, they then cram in more chips to make each miner more powerful. Made up numbers but: If in the last generation you needed 100 chips at 10 watts each to generate X amount of hashes but in the newer generation you need 80 chips at 8 watts each to generate the same X amount of hashes you could in theory make a miner just as fast as the old one but that uses a lot less power because you would be using less chips that are more efficient.

But what they do is make a miner that is much faster then the old generation by putting more of the more efficient using even more power but then now generate X+50% hashes. 

Great for big miners in big data centers where power and noise does not matter. And well, the small home / hobby miners are out of luck.

To put it bluntly, for now, WE ARE NOT THEIR TARGET CUSTOMERS. There are obvious exceptions, there are people here who are running larger farms and such, but are the exception.

Gone are the days of the R4 and things like it, for now anyway.

-Dave
legendary
Activity: 1862
Merit: 5154
**In BTC since 2013**
November 29, 2022, 07:09:17 AM
#3
Except for the ones that were obvious scams all the new mining setups coming into NY were 100% renewable. Also, in NY since power is more or less fungible, all you have to do is BUY from a green supplier not have green power coming in.

This observation is interesting! I had no idea that new companies are already exploring these types of options.

However, do you think that the companies that build ASICs will improve the equipment, in order to be more efficient?
I still think miner builder companies should improve hardware to consume less power. Something they are not doing yet, in my opinion.
legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
November 29, 2022, 06:55:14 AM
#2
None. Zero. Zip. Nada.

Except for the ones that were obvious scams all the new mining setups coming into NY were 100% renewable. Also, in NY since power is more or less fungible, all you have to do is BUY from a green supplier not have green power coming in.

It's also a ploy to get some money to redevelop a lot of old power plants that the miners wanted to take over and run. Putting aside everything else. You have a bunch of locations that could host mining now as-is BUT they are at the edge of being useful. A few more years and they will not be. But, if you leave them empty you can then gut and rebuild into something newer and better.

It's get a little revenue today vs more revenue tomorrow.
The other side of that is the 'bird in hand' argument. Will you find someone to redevelop? How long will that take? And so on.

But since there were no pending permits anyway, BTC is hovering at $16k, and so on it's not a big deal.

Also, and this is a personal big one, it's tough to fight the states like Texas where miners get paid more then they would make mining to shut down during hot days to conserve power. https://fortune.com/2022/07/12/texas-bitcoin-miners-paid-shut-down-power-grid-electricity-blackout-heat/ You can't fight it when the state government takes money out of its citizens pockets to give it to businesses. *This is not just a Texas thing, other states do it for other industries, but for here and now we are talking about mining.

-Dave
legendary
Activity: 1862
Merit: 5154
**In BTC since 2013**
November 29, 2022, 06:32:56 AM
#1
A few days ago, I came across news about a law that was passed in New York, with the aim of prohibiting Bitcoin mining in that state.

Quote
New York Gov. Kathy Hochul signed a law on Tuesday banning certain bitcoin mining operations that run on carbon-based power sources.
https://www.cnbc.com/2022/11/23/new-york-governor-signs-law-cracking-down-on-bitcoin-mining.html

Apparently, only mining companies that use 100% renewable energy will be authorized.
Quote
For the next two years, unless a proof-of-work mining company uses 100% renewable energy, it will not be allowed to expand or renew permits, and new entrants will not be allowed to come online.


What impact do you think this will have on mining?

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