New York's crackdown on Bitcoin mining looms [44]
New York Senate voted on a 2-year moratorium on Proof of Work mining
Hello everyone!
This past week, New York is finally getting down to making good on pushing out Proof of Work mining in the state after the Senate voted on a bill that will essentially ban Bitcoin mining. This would basically stop any new licenses or renewals during the next two years.
The bill only affects mining facilities that use non-renewable sources, but it’s also the first legislation of its kind that seeks to address the type of computation happening in a data center.
If you’re interested in the nitty-gritty nuts and bolts it’ll be in the long-form reporting portion of the newsletter.
Meanwhile, let me introduce you to what FreeRoss DAO will be up to later this month at NFT NYC. The DAO is putting up a virtual reality installation as part of W3BTHR33 L0UNG3 which lasts from June 20 until 23.
FreeRoss DAO works to help free Ross Ulbricht, who was unfairly imprisoned for developing the Silk Road, a dark web market, as well as advance justice reform. It does so by giving fractional ownership in the artistic works of Ross through NFTs. A collection of those NFTs, known as “Grow in the Dark,” made of stills that create the animation will have its mint pass drop announced soon.
If you are going to NFT NYC, you can sign up to see the VR installation at Studio Arte, just a few minutes’ walk away from Times Square, at EventBrite. Don’t miss out!
Keep reading for the news of the week and the long-form reporting in the paid section about what’s been happing in the crypto industry. As usual, more will be coming around the bend!
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Blockchain Bulletin
Chipotle moves to accept cryptocurrency at its US stores. Tex-Mex restaurant Chipotle has partnered with payment platform Flexa to allow customers to use crypto at checkout, including Bitcoin and Ether, to purchase food with a 10% discount the first time, reported The Block.
Binance Labs bets big on Web3 with $500M fund. Betting big on the rising popularity of Web3 technologies including NFTs, DeFi, GameFi and other decentralized technologies, Binance Labs raises $500 million for an incubation fund for startups and tech projects, reported Decrypt.
Blockchain Behind the Scenes
New York Senate brings down the hammer with 2-year moratorium on crypto mining. The New York Senate just passed a bill that calls for a 2-year moratorium on proof-of-work cryptocurrency mining that uses fossil fuels in the state that will suspend new licenses for mining operations during that period.
Solana knocked offline for the fifth time in 2022 due to processing bug. The Solana blockchain was halted for 4 hours after a processing bug caused new blocks to fail to validate; network validators took the blockchain offline while the network was upgraded to take the broken feature offline.
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