thecoinrepublic.com
2021 started great for the crypto scene as currencies such as Bitcoin (BTC) and Ethereum (ETH) have been on their record highs. That said, experts are now suggesting that the market for crypto mining hardware will also see some growth in the coming years.
Cryptomining hardware market expected to boom
In a report by Yahoo Finance, “the cryptocurrency mining hardware is expected to grow by $2.8 billion and record a compound annual growth rate (CAGR) of seven percent during 2020-2024.” It was also stated that an upward trend in mining is highly probable since this is the result of the number of mining pools, crypto-dedicated hardware, and product launches that continue to grow.
Per Be In Crypto, the report believes that one of the reasons for the expansion of cryptocurrency mining is utilizing crypto for paying up those property taxes. Also, concerns within the mining process were pointed out as folks are well-aware of the amount of energy needed to mine those digital currencies, not to mention the effects on the environment.
Mining moratorium
Amid these growing concerns, a lawmaker revealed that she would temporarily introduce legislation to close down crypto mining operations. In her recent tweet, New York State Assemblymember Anna Kelles stated that they need to pause for a moment and study the environmental impact for the state to stay on track and meet the greenhouse gas emission set by the Climate Leadership Community Protection Act (CLCPA).
I will be introducing a bill this week to establish a moratorium on bitcoin mining in NY. We need to pause and study the environmental impact so we can stay on track to meet the state's greenhouse gas emission targets in the CLCPA. https://t.co/ug8OQhDyWl
— Anna Kelles (@annakelles) May 4, 2021
Further, Kelles also mentioned “the first course of action” that she’s considering is creating a moratorium. At the same time, “evaluate the full environmental impact of mining facilities within the New York State. If this one passes through, it will be the first time that a statewide restriction in the mining of cryptocurrency in the United States has been implemented.