US election results could affect cryptocurrency mining


13:25 Nov 09, 2022

US election results could affect cryptocurrency mining

Some experts believe that the elections currently taking place in the US could seriously impact the prospects of the entire cryptocurrency mining industry.

We are talking about the pressure on mining due to suspicions of a negative environmental impact. Since Joe Biden took over the White House, miners have always been on the political radar. Primarily because of the transfer of capacity and China and the subsequent investment flows in the domestic market.

As the number of major miners increased, even Democrats had to question some of the controversial claims about the negative impact of cryptocurrency mining on the nation's energy system. But as for the Republican bloc, they were initially in favor of the industry.

According to Ethan Wehr (Luxor Technologies):

Despite the miners' attempts to work within a bipartisan framework, the bulk of support has been seen from centrists and the right. Republicans are not likely to implement the tougher direction proposed by the White House in September.

Recall that this document was supposed to adopt standards that would reduce the negative impact on the environment.

The most interesting states for miners are Texas and New York. The latter recently imposed a two-year ban on the launch of new carbon-based mining facilities. As a result, there have been significant job cuts. We can expect a public condemnation of such decisions against the backdrop of the economic crisis.

As for Texas, this state is a recognized center of BTC mining. Work is now underway on a law that will support the further development of the industry.

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